You wish to accumulate $100,000 through monthly payments of $400. If you can earn interest at an annual rate of 4% compounded monthly, how long (to the nearest year) will it take to accomplish your goal?  yr

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
icon
Related questions
Question
You wish to accumulate $100,000 through monthly payments of $400. If you can earn interest at an annual rate of 4% compounded monthly, how long (to the nearest year) will it take to accomplish your goal?
 yr
 
  •  

Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer