One month from now, Kelly will make her first monthly contribution of $250 to a Tax-Free Savings Account (TFSA). She expects to earn 7% compounded annually. How long will it take for the contributions and accrued earnings to reach $55,000 Part 1 It will take ______ months to reach $55000

One month from now, Kelly will make her first monthly contribution of $250 to a Tax-Free Savings Account (TFSA). She expects to earn 7% compounded annually. How long will it take for the contributions and accrued earnings to reach $55,000 Part 1 It will take ______ months to reach $55000

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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Question

One month from now, Kelly will make her first monthly contribution of

$250

to a Tax-Free Savings Account (TFSA). She expects to earn

compounded annually. How long will it take for the contributions and accrued earnings to reach

$55,000

Part 1

It will take ______ months to reach $55000

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