Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to deposit $145,800 today and make additional $29,150 deposits at the end of every six months thereafter. How many additional deposits and how long will it take to accumulate the $824,000 if interest rate is 5.99% compounded monthly? 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 (number of additional deposits) as a whole number. P/Y = C/Y = N = I/Y = PV = $ PMT = $ FV = $
Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to deposit $145,800 today and make additional $29,150 deposits at the end of every six months thereafter. How many additional deposits and how long will it take to accumulate the $824,000 if interest rate is 5.99% compounded monthly? 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 (number of additional deposits) as a whole number. P/Y = C/Y = N = I/Y = PV = $ PMT = $ FV = $
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
Related questions
Question
![Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to
deposit $145,800 today and make additional $29,150 deposits at the end of every six
months thereafter. How many additional deposits and how long will it take to
accumulate the $824,000 if interest rate is 5.99% compounded monthly?
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 (number of additional deposits) 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.
If years is an exact integer as 7 years, then enter 7 for years and 0
for months.
You must enter a value in each box.
It will take
years and
months.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F439768c5-e75c-4871-9aa9-be2a147311e7%2F871135b8-8551-41e0-8dce-16c0780b229d%2F5ubhvvf_processed.png&w=3840&q=75)
Transcribed Image Text:Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to
deposit $145,800 today and make additional $29,150 deposits at the end of every six
months thereafter. How many additional deposits and how long will it take to
accumulate the $824,000 if interest rate is 5.99% compounded monthly?
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 (number of additional deposits) 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.
If years is an exact integer as 7 years, then enter 7 for years and 0
for months.
You must enter a value in each box.
It will take
years and
months.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, finance and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Essentials Of Investments](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781260013924/9781260013924_smallCoverImage.jpg)
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
![FUNDAMENTALS OF CORPORATE FINANCE](https://www.bartleby.com/isbn_cover_images/9781260013962/9781260013962_smallCoverImage.gif)
![Financial Management: Theory & Practice](https://www.bartleby.com/isbn_cover_images/9781337909730/9781337909730_smallCoverImage.gif)
![Essentials Of Investments](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781260013924/9781260013924_smallCoverImage.jpg)
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
![FUNDAMENTALS OF CORPORATE FINANCE](https://www.bartleby.com/isbn_cover_images/9781260013962/9781260013962_smallCoverImage.gif)
![Financial Management: Theory & Practice](https://www.bartleby.com/isbn_cover_images/9781337909730/9781337909730_smallCoverImage.gif)
![Foundations Of Finance](https://www.bartleby.com/isbn_cover_images/9780134897264/9780134897264_smallCoverImage.gif)
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
![Fundamentals of Financial Management (MindTap Cou…](https://www.bartleby.com/isbn_cover_images/9781337395250/9781337395250_smallCoverImage.gif)
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
![Corporate Finance (The Mcgraw-hill/Irwin Series i…](https://www.bartleby.com/isbn_cover_images/9780077861759/9780077861759_smallCoverImage.gif)
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education