Asked by Brandon Heyman on Jun 15, 2024
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Anne has opened up a systematic savings account into which she deposits $500 per month compounded monthly at a rate of 7.8%.How long will it take her to reach $500,000? Round your answer to the nearest tenth of a year.
Compounded Monthly
The process of calculating interest on both the initial principal and the accumulated interest from previous periods on a monthly basis.
- Evaluate the future savings accumulation utilizing diverse compounding times.
- Compute the future amount accumulated from consistent savings account contributions.
Verified Answer
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Learning Objectives
- Evaluate the future savings accumulation utilizing diverse compounding times.
- Compute the future amount accumulated from consistent savings account contributions.