A company establishes a sinking fund for upgrading office equipment with monthly payments of $2,000 into an account paying 6.6% compounded monthly. How long will it be before the account has $100,000? (Round up to the next-higher month if not exact.
A company establishes a sinking fund for upgrading office equipment with monthly payments of $2,000 into an account paying 6.6% compounded monthly. How long will it be before the account has $100,000? (Round up to the next-higher month if not exact.
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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Transcribed Image Text:A company establishes a sinking fund for upgrading office equipment with monthly payments of $2,000 into an account paying 6.6%
compounded monthly. How long will it be before the account has $100,000? (Round up to the next-higher month if not exact.
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