Michael wants to accumulate $38,000 in a fund with payments of $1,700 made at the end of every month. The interest rate is 5.47% compounded monthly. a. How many payments (rounded up to the next payment) will it take to accumulate this amount? 27 payments 15 payments 21 payments 22 payments b. How long will it take to accumulate this amount? 3 years and 10 months 3 years and 3 months 4 years and 10 months 1 years and 10 months

Michael wants to accumulate $38,000 in a fund with payments of $1,700 made at the end of every month. The interest rate is 5.47% compounded monthly. a. How many payments (rounded up to the next payment) will it take to accumulate this amount? 27 payments 15 payments 21 payments 22 payments b. How long will it take to accumulate this amount? 3 years and 10 months 3 years and 3 months 4 years and 10 months 1 years and 10 months

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 12E

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