You can afford monthly deposits of $240 into an account that pays 3.3% compounded monthly. How long will it be until you have $7,000 to buy a boat? Type the number of months: (Round to the next-higher month if not exact.)
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- Monthly deposit: $240 - Annual interest rate: 3.3% - Compounded monthly - Target amount: $7,000 The formula for the future value of an annuity due (since deposits are made at the beginning of each period) is: \$ FV = P \times \left( \frac{(1 + r/n)^{nt} - Show more…
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