You expect to receive $3,100 upon your graduation and will invest your windfall at an interest rate of .43 percent per quarter until the account is worth $4,750. How many years do you have to wait until you reach your target account value?

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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You expect to receive $3,100 upon your graduation and will invest your windfall at an interest rate of .43 percent per quarter until the account is worth $4,750. How many years do you have to wait until you reach your target account value?

 

 
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