If you make monthly deposits of $2,960 into your savings account for the next 25 years, what return rate will result in $2,051,262 in your savings account 25 years from today? 6.4% O 1.5% 0.5% O 5.6% O 6.0%

If you make monthly deposits of $2,960 into your savings account for the next 25 years, what return rate will result in $2,051,262 in your savings account 25 years from today? 6.4% O 1.5% 0.5% O 5.6% O 6.0%

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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If you make monthly deposits of $2,960 into your savings account for the next 25 years, what return rate will result in
$2,051,262 in your savings account 25 years from today?
O 6.4%
1.5%
O 0.5%
5.6%
O 6.0%

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