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Rupert is planning to invest $400.00 per month. His goal is to have $1,200,000. He will earn 11.0% on his investments. How many months will it take to reach his goal?

Sagot :

Madethisfortwitch1idn

Answer:

Explanation:

Let's assume that the 11% is a monthly nominal rate

Let's also assume that the payments are made at the end of the month

the effective monthly rate= .11/12 = .00916667

[tex]12000000=400\frac{(1+.00916667)^n-1}{.00916667}\\n=367.116487[/tex]

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