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OpenStudy (anonymous):
Greg wants to have $50 000. He will invest $20 000 today in investment certificates that pay 8% nominal interest, compounded quarterly. How long will it take for him to reach his goal?
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OpenStudy (anonymous):
F = $50 000 P = $20 000 r = 0.08 N = ?
OpenStudy (anonymous):
\[i _{s} = \frac{ r }{ m }\]
OpenStudy (anonymous):
Where r is the nominal interest and m is compounded sub-periods
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