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You are preparing to make monthly payments of $75, beginning at the end of this month, into an account that pays 6 percent interest compounded monthly. How many payments will you have made when your account balance reaches $10,000

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Answer:

102.420

Explanation:

In this question we use the NPER formula that is shown on the attachment.

Given that,  

Present value = $0

Future value = $10,000

Rate of interest = 6% ÷ 2 = 0.5%

PMT = $75

The formula is shown below:

= NPER(Rate;PMT;-PV;FV;type)

The future value come in negative

So, after solving this, the number of payment is 102.420

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