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you're prepared to make monthly payments of $190, beginning at the end of this month, into an account that pays 7 percent interest compounded onthly. How many payments will you have made when your account balance reaches $20,000?

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Zviko

Answer:

Number of payments required is 82

Explanation:

Enter the following data in  the Financial Calculator and find n, the number of payments required.

Pv = $0

Pmt = $190

P/yr = 12

r = 7%

Fv = $20,000

n = ?

Thus n = 82.3084

Conclusion :

Number of payments required is 82

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