If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by , where . How long would it take to save $10,000.00 if you deposit $60 monthly at an annual rate of 5.5% compounded monthly. Round your answer to the nearest year.
A) 5 years
B) 7 years
C) 10 years
D) 13 years

Question

If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by  , where  . How long would it take to save $10,000.00 if you deposit $60 monthly at an annual rate of 5.5% compounded monthly. Round your answer to the nearest year.
A) 5 years 
B) 7 years 
C) 10 years 
D) 13 years

Quizplus · Accepted Answer

The Answer of If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by  , where  . How long would it take to save $10,000.00 if you deposit $60 monthly at an annual rate of 5.5% compounded monthly. Round your answer to the nearest year.
A) 5 years 
B) 7 years 
C) 10 years 
D) 13 years

If a Periodic Payment P Is Deposited N Times Per