Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 4.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? 0 Round to the next payment b. How long will it take Jacob to reach his goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each
month into a fund that earns interest at 4.75% compounded monthly.
a. How many deposits does he need to make in order to reach his goal?
0
Round to the next payment
b. How long will it take Jacob to reach his goal?
o year(s)
o month(s)
Express the answer in years and months, rounded to the next payment period
Transcribed Image Text:Jacob wants to accumulate at least $45,000 by depositing $1,300 at the end of each month into a fund that earns interest at 4.75% compounded monthly. a. How many deposits does he need to make in order to reach his goal? 0 Round to the next payment b. How long will it take Jacob to reach his goal? o year(s) o month(s) Express the answer in years and months, rounded to the next payment period
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