How long will it take to save $3033.00 by making deposits of $90.00 at the end of every six months into an account earning interest at 10% compounded semi-annually? State your answer in years and months (from 0 to 11 months). It will take \boxed{} year(s) and \boxed{} month(s).
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Step 1
To calculate the number of deposits needed, divide the savings goal by the deposit amount: Number of deposits = $3033.00 / $90.00 = 33.7 (rounded up to the nearest whole number) Show more…
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