Ali wants to accumulate at least $40,000 by depositing $1,600 at the end of each month...

Ali wants to accumulate at least $40,000 by depositing $1,600 at the end of each month into a fund that earns interest at 5.75% compounded monthly.

a. How many deposits does he need to make in order to reach his goal?

b. How long will it take Ali to reach his goal?

year(s) month(s)

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jeff jeffy answered 2 years ago

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