You decide to deposit $210 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $353,000. How many months will you need to make payments before you can retire? months. Round to the nearest month.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
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ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 45P
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You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly.
Note: Payments are made at the end of each period.
Transcribed Image Text:You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.
You decide to deposit $210 each month into the retirement fund, and retire when you can afford to
buy your dream boat, which costs $353,000. How many months will you need to make payments
before you can retire?
months. Round to the nearest month.
Transcribed Image Text:You decide to deposit $210 each month into the retirement fund, and retire when you can afford to buy your dream boat, which costs $353,000. How many months will you need to make payments before you can retire? months. Round to the nearest month.
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