Share

##
Deposits of $850 per month are made into an investment account. The interest rate is 6.5% per annum compounding monthly.

Question

Deposits of $850 per month are made into an investment account.

The interest rate is 6.5% per annum compounding monthly.

How long will it take for the investment to reach $100 000?

in progress
0

Math High School
4 days
2023-01-08T15:49:41+00:00
2023-01-08T15:49:41+00:00 1 Answer
0 views
0
## Answer ( 1 )

$100,000withmonthly depositsof $850 at6.5%compounded monthly, it will take188 monthsor15 years and 8 months.## How is the period of investment calculated?

periodof investment, we can use anonline finance calculatoras follows:## Data and Calculations:

Results:for the investment to reach $100,000.188 monthsinvestment periodsat https://brainly.com/question/20392017