Rounded to the Next Higher Month, How Long Will It

question 134

Short Answer

Rounded to the next higher month, how long will it take end-of-month deposits of $500 to accumulate $100,000 in a savings account that pays interest of 5.25% compounded monthly?

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Definitions:

Consignee

The party to whom goods are shipped and held in trust until they are sold, at which point payment is made to the consignor.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency of the company in selling its products.

Cost of Goods Available for Sale

The total cost of merchandise or inventory that a business has available to sell to customers during a certain period, including both beginning inventory and purchases made during the period.

Units of Inventory

The quantity of individual items or products that a company has available for sale or use at any given time.