Nihad has $27,910 in his savings account and wants this to accumulate to $100,000 for a condominium down payment. Suppose he plans to make deposits of $1,250 at the beginning of every three months into this account which earns 3.57% compounded semi-annually. How long will it take to accumulate the $100,000? Choose calculator mode: BGN 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 as a whole number. P/Y = 4 C/Y = 2 N= I/Y = 3.57 PV = $ -27,910
Nihad has $27,910 in his savings account and wants this to accumulate to $100,000 for a condominium down payment. Suppose he plans to make deposits of $1,250 at the beginning of every three months into this account which earns 3.57% compounded semi-annually. How long will it take to accumulate the $100,000? Choose calculator mode: BGN 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 as a whole number. P/Y = 4 C/Y = 2 N= I/Y = 3.57 PV = $ -27,910
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
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Transcribed Image Text:Nihad has $27,910 in his savings account and wants this to accumulate to $100,000 for
a condominium down payment. Suppose he plans to make deposits of $1,250 at the
beginning of every three months into this account which earns 3.57% compounded
semi-annually. How long will it take to accumulate the $100,000?
Choose calculator mode: BGN
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 as a whole number.
P/Y = 4
C/Y = 2
N=
I/Y = 3.57
PV = $ -27,910
PMT= $ -1,250
FV = $ 100,000
Report your answer in years and months as whole numbers below.
Your answer must be consistent with the value of N you entered
above whether correct or incorrect. This question will be marked
Transcribed Image Text:P/Y = 4
C/Y = 2
N=
I/Y = 3.57
PV = $-27,910
PMT= $1,250
FV = $ 100,000
Report your answer in years and months as whole numbers below.
Your answer must be consistent with the value of N you entered
above whether correct or incorrect. This question will be marked
using the value displayed in the N answer box above.
If years is an exact integer like "7 years", then enter 7 for
years and 0 for months. You must enter a value in each box for
full marks.
It will take
Submit Question
years and
months.
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