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Question

*Time to reach a goal* If $\$ 1200$ is deposited at the end of each quarter in an account that earns $7.2 \%$ compounded quarterly, how long will it be until the account is worth $\$ 60,000$ ?

Solution

VerifiedAnswered 1 year ago

Answered 1 year ago

Step 1

1 of 3To determine how long will it be until the account is worth $\$60000$ we will use this equation below.

$S=R\bigg[\frac{(1+i)^n-1}{i}\bigg]$

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