Question

You can afford monthly deposits of $210 into an account that pays 2.4% compounded monthly. How long (number of months) will it be until you have $7,400 to buy a boat?(Round to the next-higher month if not exact.)

Answer 1

- Monthly Periodic Payment = $210

Monthly interest rate = 2.4%/12 = 0.20%

Future Value = $7400

Calculating the Number of Months it will take to accumulate Future Value using Excel "NPER" function:-

Number of months = 35

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