This is my third out of fourth question You’re prepared to make monthly payments

ID: 2423734 • Letter: T

Question

This is my third out of fourth question

You’re prepared to make monthly payments of $310, beginning at the end of this month, into an account that pays 7.2 percent interest compounded monthly.

How many payments will you have made when your account balance reaches $22,000? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You’re prepared to make monthly payments of $310, beginning at the end of this month, into an account that pays 7.2 percent interest compounded monthly.

Explanation / Answer

$22,000 is the future value of the annuity.

Time is calculated by the below mentioned formula:

T= Log (A/P) / n (log(1+r/n)

which will come to 59.37 payments.

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This is my third out of fourth question You’re prepared to make monthly payments

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