How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months) It will take year(s) and month(s).

How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months) It will take year(s) and month(s).

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 31P

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How long will it take to save $2581.00 by making deposits of $227.00 at the end of every month into an account earning interest at 7% compounded monthly? State your answer in years and months (from 0 to 11 months).
It will take year(s) and month(s).

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