An amount of $124 is paid at the end of every month into an account. If the nominal interest rate is 3.02% compounded semiannually, how long (in years and months) will it take for the payments to accumulate to an amount of $6,455.41? Use the integer value of N to calculate years and months. |CN = |2 PAY = 12 I/Y = 3.02 FV = 6,455.41 PMT= $-124 = years N= 192 to the nearest integer) PV = $14,892.17 x x (round = month(s)

An amount of $124 is paid at the end of every month into an account. If the nominal interest rate is 3.02% compounded semiannually, how long (in years and months) will it take for the payments to accumulate to an amount of $6,455.41? Use the integer value of N to calculate years and months. |CN = |2 PAY = 12 I/Y = 3.02 FV = 6,455.41 PMT= $-124 = years N= 192 to the nearest integer) PV = $14,892.17 x x (round = month(s)

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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