Pat deposits $6,000 into an account earning 4% compounded monthly. How long will it take the account to grow to $10,000? 13 years 10. Kay is saving $200 a month into an account earning 5% interest. How long will it take her to save $20,000?

James has $3,000 in credit card debt, which charges 14% interest. How long will it take to pay off the card if he makes the minimum payment of $60 a month? 12.

Chris has saved $200,000 for retirement, and it is in an account earning 6% interest. If she withdraws $3,000 a month, how long will the money last?

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29 May, 14:35

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Marlon Lindsey · Answer 1

1.) about 154 months

2.) about 30 months

3.) about 75 months

4.) about 100 months