Rounded to the Next Higher Month, How Long Will It

question 134

Short Answer

Rounded to the next higher month, how long will it take end-of-month deposits of $500 to accumulate $100,000 in a savings account that pays interest of 5.25% compounded monthly?

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Definitions:

Fraternal Twins

Twins that develop from two different eggs fertilized by two different sperm, genetically as similar as regular siblings.

Oocytes

Female germ cells or eggs that are in various stages of development, essential for reproduction and fertilization.

Puberty

Series of events that transform a child into a sexually mature adult; involves an increase in the secretion of GnRH.

Adolescence

The phase of life between childhood and adulthood, characterized by physical, psychological, and social changes.