Asked by Papa Yaw Owusu on May 16, 2024
Verified
Rounded to the next higher month, how long will it take end-of-month deposits of $500 to accumulate $100,000 in a savings account that pays interest of 5.25% compounded monthly?
End-of-month Deposits
Payments or contributions made into an account, financial product, or investment fund at the conclusion of each month.
Savings Account
a bank account that earns interest and is typically used for holding money not intended for daily expenses.
- Calculate the time period for ordinary annuities with respect to payment volumes, interest levels, and foundational principals.
Verified Answer
MW
Learning Objectives
- Calculate the time period for ordinary annuities with respect to payment volumes, interest levels, and foundational principals.