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How many years would it take to save $1,000,000 if you deposit $2,000 at the end of each month that pays 12 percent per year? (hint: compute the monthly rate using simple average; monthly deposit and final balance have different signs, deposit is kind of "cash outflow from your pocket to your bank account".) O 16 years O 12 years 15 years 13 years

How many years would it take to save $1,000,000 if you deposit $2,000 at the end of each month that pays 12 percent per year? (hint: compute the monthly rate using simple average; monthly deposit and final balance have different signs, deposit is kind of "cash outflow from your pocket to your bank account".) O 16 years O 12 years 15 years 13 years

Essentials Of Investments
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
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How many years would it take to save $1,000,000 if you deposit $2,000 at the end of each month that pays 12 percent per year? (hint: compute the monthly rate using simple average; monthly deposit and final balance have different signs, deposit is kind of "cash outflow from your pocket to your bank account". ) 16 years 12 years 15 years 13 years
Transcribed Image Text:How many years would it take to save $1,000,000 if you deposit $2,000 at the end of each month that pays 12 percent per year? (hint: compute the monthly rate using simple average; monthly deposit and final balance have different signs, deposit is kind of "cash outflow from your pocket to your bank account". ) 16 years 12 years 15 years 13 years
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