You Wish to Accumulate $10,000 by Depositing $481

question 83

Short Answer

You wish to accumulate $10,000 by depositing $481.46 per month into a savings account that earns 4.75% compounded monthly.How many monthly deposits must you make?

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Definitions:

Reasonable Opportunity

An equitable chance or fair circumstance that allows an individual to perform an action or fulfill an obligation.

Inspect

To look at something or someone carefully in order to detect flaws, errors, or compliance with standards.

Rightfully Rejects

A term referring to the legal right of a party to refuse acceptance of goods or services that do not meet the agreed-upon specifications or contract terms.

Nonconforming Goods

Products delivered under a contract that do not meet the specifications or quality standards agreed upon.