You are preparing to make monthly payments of $72,beginning at the end of this month,into an account that pays 6 percent interest compounded monthly.How many payments will you have made when your account balance reaches $9,312?

Name: You are preparing to make monthly payments of $72,beginning at the end of this month,into an account that pays 6 percent interest compounded monthly.How many payments will you have made when your account balance reaches $9,312?
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Question

Quizplus · Accepted Answer

t = ln 1.6467/ln 1.005; t = 100 payments

You Are Preparing to Make Monthly Payments of $72,beginning at the End