If you have $4500 to invest now, and will need a total of $25,000 -- 10 years from now, determine how much you will have to invest monthly if interest accumulates at 5% per year and is compounded monthly. Round your answer to 2 places after the decimal.

If you have $4500 to invest now, and will need a total of $25,000 -- 10 years from now, determine how much you will have to invest monthly if interest accumulates at 5% per year and is compounded monthly. Round your answer to 2 places after the decimal.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Question

If you have $4500 to invest now, and will
need a total of $25,000 -- 10 years from now,
determine how much you will have to invest
monthly if interest accumulates at 5% per
year and is compounded monthly.
Round your answer to 2 places after the
decimal.

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