Your friend plans to invest $1,000 per month into an account expected to have an effective annual rate (EAR) of 6.2%. If the first investment is made one month from today, how long (in years) will it take your friend to reach the goal of $100,000?

Your friend plans to invest $1,000 per month into an account expected to have an effective annual rate (EAR) of 6.2%. If the first investment is made one month from today, how long (in years) will it take your friend to reach the goal of $100,000?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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