A submarine dives below the surface, heading downward in six moves. If each move downward was 180 feet, where is the submarine a
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Answer:
It will take 88.2 months to accumulate the amount
Step-by-step explanation:
Given;
Future value of money, FV = $25,000
investment per compound period, P = $200
interest rate, i = 0.75% x 12 = 9%
The number of monthly installments required to amount to FV is given by;
Therefore, it will take 88.2 months to accumulate the amount.