If a Periodic Payment P Is Deposited N Times Per

question 78

Multiple Choice

If a periodic payment p is deposited n times per year, with annual interest rate r also compounded n times per year for t years, the future value of the account is given by , where . How long would it take to save $10,000.00 if you deposit $60 monthly at an annual rate of 5.5% compounded monthly. Round your answer to the nearest year.

• A) 5 years
• B) 7 years
• C) 10 years
• D) 13 years

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