Gregory deposits a $30,000 for a period of time at a 3.5% rate of interest compounded semi-annually. The accumulated amount provides Gregory the benefit of withdrawing $1,165 at the end of each month for three years. Determine how long the initial deposit accumulated interest.
A) 3 years
B) 4 years
C) 5 years
D) 6 years
E) 7 years
Correct Answer:
Verified
Q5: Fred intends to retire in 10 years.
Q6: Harold is planning to retire in 21
Q7: Mrs. O'Halloran gave $130,000 to the University
Q8: Andy deposits $40,000 into an account earning
Q9: An individual wants to receive end-of-month payments
Q11: Moses' goal, when he retires from work
Q12: Calculate the present value of a deferred
Q13: What amount can be paid at the
Q14: A purchase agreement for a $22,000 truck
Q15: Anita is planning to go back to
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents