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2.45 You wish to accumulate $50,000 by semiannual deposits of $800 commenc- ing at time 0 and for as long as necessary. The nominal rate of interest is 6% convertible monthly. Find how many regular deposits are necessary.

2.45 You wish to accumulate $50,000 by semiannual deposits of $800 commenc- ing at time 0 and for as long as necessary. The nominal rate of interest is 6% convertible monthly. Find how many regular deposits are necessary.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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2.45 You wish to accumulate $50,000 by semiannual deposits of $800 commenc- ing at time 0 and for as long as necessary. The nominal rate of interest is 6% convertible monthly. Find how many regular deposits are necessary. The answer is 35, I need steps and explanation
Transcribed Image Text:2.45 You wish to accumulate $50,000 by semiannual deposits of $800 commenc- ing at time 0 and for as long as necessary. The nominal rate of interest is 6% convertible monthly. Find how many regular deposits are necessary. The answer is 35, I need steps and explanation
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