Question

How long will it take to save $1672.00 by making deposits of $51.00 at the end of every three months into an account earning interest at 6% compounded quarterly? State your answer in years and months (from 0 to 11 months). It will take year(s) and month(s).

          How long will it take to save $1672.00 by making deposits of $51.00 at the end of every three months into an account earning interest at 6% compounded quarterly? State your answer in years and months (from 0 to 11 months).
It will take year(s) and month(s).

How long will it take to save 1672.00 by making deposits of51.00 at the end of every three months into an account earning interest at 6% compounded quarterly? State your answer in years and months (from 0 to 11 months).
It will take year(s) and month(s).

Added by Nicholas G.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Supreeta N

06/13/2023

Step 1

00 $1672.00 / $51.00 = 32.78 Since you can't make a fraction of a deposit, you will need to make 33 deposits to reach $1672.00. Show more…

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How long will it take to save $1672.00 by making deposits of $51.00 at the end of every three months into an account earning interest at 6% compounded quarterly? State your answer in years and months (from 0 to 11 months). It will take year(s) and month(s).