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Homework answers / question archive / Tony deposits $2000 into a savings account for his daughter when she is born followed by quarterly payments of $400 at the end of each quarter until there is $30,000 in the fund
Tony deposits $2000 into a savings account for his daughter when she is born followed by quarterly payments of $400 at the end of each quarter until there is $30,000 in the fund. How many years will it take for the savings account to reach $30,000 if it earns 3.5% compounded semi-annually for the entire time?
A)
15.776 years
B)
31.551 years
C)
26.526 years
D)
13.263 years
E)
13.175 years
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