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a) Nancy has decided to deposit $500 at the end of each month for 20 years in an account that pays interest at the rate of 4.8% compounded monthly. How much will be in the account at the end of 20 years? b) John wants to accumulate s 150,000 by depositing $400 at the end of every quarter for 16 years. What is the rate of interest compounding quarterly needed to achieve this? c) James wants to become a millionaire by depositing $1200 in an account that pays interest of 7.2% compounded monthly. What is the minimum number of years needed to become a millionaire? Show transcribed image text a) Nancy has decided to deposit $500 at the end of each month for 20 years in an account that pays interest at the rate of 4.8% compounded monthly. How much will be in the account at the end of 20 years? b) John wants to accumulate s 150,000 by depositing $400 at the end of every quarter for 16 years. What is the rate of interest compounding quarterly needed to achieve this? c) James wants to become a millionaire by depositing $1200 in an account that pays interest of 7.2% compounded monthly. What is the minimum number of years needed to become a millionaire?
a) Nancy has decided to deposit $500 at the end of each month for 20 years in an account that pays interest at the rate of 4.8% compounded monthly. How much will be in the account at the end of 20 years? b) John wants to accumulate s 150,000 by depositing $400 at the end of every quarter for 16 years. What is the rate of interest compounding quarterly needed to achieve this? c) James wants to become a millionaire by depositing $1200 in an account that pays interest of 7.2% compounded monthly. What is the minimum number of years needed to become a millionaire?
Show transcribed image text a) Nancy has decided to deposit $500 at the end of each month for 20 years in an account that pays interest at the rate of 4.8% compounded monthly. How much will be in the account at the end of 20 years? b) John wants to accumulate s 150,000 by depositing $400 at the end of every quarter for 16 years. What is the rate of interest compounding quarterly needed to achieve this? c) James wants to become a millionaire by depositing $1200 in an account that pays interest of 7.2% compounded monthly. What is the minimum number of years needed to become a millionaire?1
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Reid WolffLv2
21 Apr 2019