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rramsook
rramsook , Enrolled Agent
Category: Finance
Satisfied Customers: 307
Experience:  Enrolled Agent License By IRS. Preparaing Individual and Business tax returns. Trusted Advisor & Tax Specialist.
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I have $138.84 placed, monthly into an account. At 5% (APR),

Resolved Question:

I have $138.84 placed, monthly into an account. At 5% (APR), how long does it need to be compounded to yield $15,000.00 in the account
Submitted: 3 years ago.
Category: Finance
Expert:  rramsook replied 3 years ago.

rramsook :

Hello,

rramsook :

Welcome to Just Answer

rramsook :

How is the interest compounded? monthly?

rramsook :

Without making any additional deposits into the account with the Interest rate being 5 percent yearly compounded on a monthly basis, it will yield $15,000 in 94 years.

Customer:

I meant that every month, I make a deposit into the account.

rramsook :

Oh ok.

rramsook :

It will take 7.5 Yrs to yeild $15,000 at that rate.

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