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2 years ago

6

You can afford monthly deposits of $270 into an account that pays 4.8% compounded monthly. How long will it be until you have $8

,200 to buy a boat?

1 answer:

Dennis_Churaev [7]2 years ago

8 0

Answer:

29 months

Step-by-step explanation:

My TVM solver says that balance will be reached after about 29 monthly payments.

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First, let's rewrite:

Let x represent the unknown number:

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so multiplying through by this we get:-

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