Jeremy and Bill each have $57,043 to invest in a retirement account whose annual rate is 2.9% with monthly compounding. Jeremy invests his money all at once, whereas Bill decides to make 163 monthly deposits (of the same amount). How many months will Jeremy need to wait in order to have the same amount that Bill will have immediately after his last deposit? Round your answer to the nearest month.
Jeremy and Bill each have $57,043 to invest in a retirement account whose annual rate is 2.9% with monthly compounding. Jeremy invests his money all at once, whereas Bill decides to make 163 monthly deposits (of the same amount). How many months will Jeremy need to wait in order to have the same amount that Bill will have immediately after his last deposit? Round your answer to the nearest month.
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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Transcribed Image Text:Jeremy and Bill each have $57,043 to invest in a retirement account whose annual rate
is 2.9% with monthly compounding.
Jeremy invests his money all at once, whereas Bill decides to make 163 monthly
deposits (of the same amount). How many months will Jeremy need to wait in order to
have the same amount that Bill will have immediately after his last deposit?
Round your answer to the nearest month.
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