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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Definitions:

Ovum

A female reproductive cell or egg cell that, once fertilized by a sperm, can develop into a zygote.

Labia Minora

The folds of skin between the labia majora.

Uterus

A major female reproductive organ in mammals, including humans, where offspring are conceived and in which they gestate before birth.

Muscular Layer

The layer of muscle tissue in various organs and structures, responsible for movement and contractions.