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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

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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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