Amount of time needed for the sinking fund


In following ordinary annuity, the interest is compounded with each payment, and payment is made at the end of the compounding period. Determine the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.) $255 monthly at 5.4% to accumulate $25,000.

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Finance Basics: Amount of time needed for the sinking fund
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