Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. shelby currently has 13,800 dollars saved and plan

Shelby currently has 13,800 dollars saved and plans to make annual savings contributions of 12,200 dollars....

Free

50.1K

Verified Solution

Question

Finance

Shelby currently has 13,800 dollars saved and plans to makeannual savings contributions of 12,200 dollars. Her first annualsavings contribution is expected in 1 year. Shelby expects to earn3.06 percent per year. How many contributions of 12,200 dollarsdoes Shelby need to make in order to have 122,497 dollars?

Please show your work

Answer & Explanation Solved by verified expert
3.6 Ratings (641 Votes)

Current Savings                       13,800
Annual Deposits                       12,200
Rate                     0.03060
No. of Years                                  8
Final Wanted Amount                     122,497

Using Goal Seek Formula in Excel, We find that it will take 8 years for Shelby to get to 122497 dollars.
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

Shelby currently has 13,800 dollars saved and plans to makeannual savings contributions of 12,200 dollars. Her first annualsavings contribution is expected in 1 year. Shelby expects to earn3.06 percent per year. How many contributions of 12,200 dollarsdoes Shelby need to make in order to have 122,497 dollars?Please show your work

Other questions asked by students

Q

rotate around the z -axis the region :T ={(x,z)'∈ R^2:sin z

Advance Math
Q

Do various occupational groups differ in their diets? A British study of this question compared 86...

Statistics
Q

1- You are the section chief for the customer service training arm of a large insurance...

Psychology
Q

if a galaxy is tilted 45 degrees to my line of sight then how much does...

Physics
Q

6 Add subtract multiply and divide polynomials 5WQ Divide If the polynomial does not divide...

Geometry
Q

The probability of event A is P A P A 1 8 Find the probability...

Algebra
Q

Waters Hardware reported cost of the goods sold as follows. \table[[,2020,2021],[Beginning inventory,$30,000,$40,000

Accounting
Q

Jozef's Roofing Services showed the following post-closing trial balance after the posting of the closing...

Accounting
Q

Find accounting rate of return. Kingbird is considering introducing a new fad toy, Topico....

Accounting
Q

Como la suposicion del periodo de tiempo y los principios de reconocimiento de ingresos y...

Accounting
Q

Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and...

Accounting
Q

The following information is for Redwood Inc. for the year ended December 31,2021. Prepare a...

Accounting