Question

Pat deposits $6,000 into an account earning 4% compounded monthly. How long will it take the account to grow to $10,000? 13 years 10. Kay is saving $200 a month into an account earning 5% interest. How long will it take her to save $20,000?
James has $3,000 in credit card debt, which charges 14% interest. How long will it take to pay off the card if he makes the minimum payment of $60 a month? 12.

Chris has saved $200,000 for retirement, and it is in an account earning 6% interest. If she withdraws $3,000 a month, how long will the money last?

Answer 1

1.) about 154 months
2.) about 30 months
3.) about 75 months
4.) about 100 months