Chris Freeman is investing $9,704 at the end of each year in a fund that earns 5% interest. In how many years will the fund be at $107,000?
Chris Freeman is investing $9,704 at the end of each year in a fund that earns 5% interest. In how many years will the fund be at $107,000?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 9RE
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Chris Freeman is investing $9,704 at the end of each year in a fund that earns 5% interest. In how many years will the fund be at $107,000?
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The amount is invested at the end of each year so it is ordinary annity
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