$100000 Is Deposited at the End of Every Month into an Account

question 59

Essay

$1000.00 is deposited at the end of every month into an account earning 6.00% compounded monthly. If the balance in the account five years after the last deposit is to be $50 000.00, how many deposits are needed?

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Definitions:

Counselor Role

The responsibilities held by a counselor, which include providing guidance, support, and therapy to individuals or groups.

Abortion Service

Medical procedures and support services provided for the termination of a pregnancy.

Mandatory Vaccinations

Immunizations required by law or policy for individuals in certain settings to prevent the spread of infectious diseases.

Communicable Disease

Any disease that can be transmitted from one person or animal to another by direct or indirect contact or by vectors.