You Deposit $1,000 Today and Want to Save $100 Each

question 112

Multiple Choice

You deposit $1,000 today and want to save $100 each month beginning one month from today. Your account earns a 5% annual interest rate. How long will it take you to accumulate $5,000?

• A) 29.3 months
• B) 35.7 months
• C) 42.6 months
• D) 52.1 months

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