You make a $10,000 initial deposit and make semi-annual contributions of $950.If your investment earns you 2.6% compounded annually, how long will it take before you have $60,000?
A)20 years
B)19 years
C)18 years
D)17 years Data entry using the BAII Plus Calculator:

Question

Quizplus · Accepted Answer

Using the BAII Plus Calculator, input the following: N = number of periods, I/Y = interest rate per period, PV = present value, PMT = payment per period, and FV = future value. The calculation shows that it takes approximately 18 years to reach $60,000 with the given parameters.

You Make a $10,000 Initial Deposit and Make Semi-Annual Contributions