Answered: You can afford monthly deposit of $85…

You can afford monthly deposit of $85 into an account that pays 6% compounded monthly. How long will it be until you have $3800 in the account? Round to the next higher month if not exact.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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You can afford monthly deposit of $85 into an
account that pays 6% compounded monthly.
How long will it be until you have $3800 in the
account? Round to the next higher month if not
exact.

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