Delfina has $27,730 in her savings account and wants this to accumulate to $80,000 for a condominium down payment. Suppose she plans to make deposits of $500 at the beginning of every month into this account which earns 3.31% compounded semi- annually. How long will it take to accumulate the $80,000? Choose calculator mode: Select an answer Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report N as a whole number. P/Y = C/Y= N = I/Y = PV = $ PMT = $ FV = $ Report your answer in years and months as whole numbers below. Your answer must be consistent with the value of N you entered above whether correct or incorrect. This question will be marked using the value displayed in the N answer box above. If years is an exact integer like "7 years", then enter 7 for years and for months. You must enter a value in each box for full marks. It will take years and months.
Delfina has $27,730 in her savings account and wants this to accumulate to $80,000 for a condominium down payment. Suppose she plans to make deposits of $500 at the beginning of every month into this account which earns 3.31% compounded semi- annually. How long will it take to accumulate the $80,000? Choose calculator mode: Select an answer Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report N as a whole number. P/Y = C/Y= N = I/Y = PV = $ PMT = $ FV = $ Report your answer in years and months as whole numbers below. Your answer must be consistent with the value of N you entered above whether correct or incorrect. This question will be marked using the value displayed in the N answer box above. If years is an exact integer like "7 years", then enter 7 for years and for months. You must enter a value in each box for full marks. It will take years and months.
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:Delfina has $27,730 in her savings account and wants this to accumulate to $80,000 for a
condominium down payment. Suppose she plans to make deposits of $500 at the
beginning of every month into this account which earns 3.31% compounded semi-
annually. How long will it take to accumulate the $80,000?
Choose calculator mode: Select an answer
Enter the future value as a positive value in the FV box below.
Enter PV and PMT as positive or negative values based on FV being positive.
Report N as a whole number.
P/Y =
C/Y =
N =
I/Y =
PV = $
PMT = $
FV = $
Report your answer in years and months as whole numbers below.
Your answer must be consistent with the value of N you entered above
whether correct or incorrect. This question will be marked using the
value displayed in the N answer box above.
If years is an exact integer like "7 years", then enter 7 for years
and for months. You must enter a value in each box for full marks.
It will take
years and
months.
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