A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worke make these monthly deposits in order to accumulate $500,000? Round your answer to the nearest whole number. Do not use currency signs such as "$."
A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worke make these monthly deposits in order to accumulate $500,000? Round your answer to the nearest whole number. Do not use currency signs such as "$."
Chapter1: Making Economics Decisions
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A worker saves $100 from each monthly paycheck in an account that pays a nominal interest rate of 9 percent, compounded monthly. For how many years must the worker make these monthly deposits in order to accumulate $500,000?
Round your answer to the nearest whole number. Do not use currency signs such as "$."
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Step 1
An ordinary annuity is a stream of periodic installments distributed over a predetermined amount of time at the conclusion of each period. Under practice, payments in a regular annuity are often made monthly, quarterly, half- yearly, or annually.
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