Pueblo starts his account with the amount of $8,000. he add $100 each month. the account earns 7.1% interest, compounded monthly. The investment will last him for about 41 years. Pubelo thinks that beyond the $100 that he add each month, how much additional monthly payment will he need to add in order for the account to end with $770,000 after 41 years.
Pueblo starts his account with the amount of $8,000. he add $100 each month. the account earns 7.1% interest, compounded monthly. The investment will last him for about 41 years. Pubelo thinks that beyond the $100 that he add each month, how much additional monthly payment will he need to add in order for the account to end with $770,000 after 41 years.
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Pueblo starts his account with the amount of $8,000. he add $100 each month. the account earns 7.1% interest, compounded monthly. The investment will last him for about 41 years. Pubelo thinks that beyond the $100 that he add each month, how much additional monthly payment will he need to add in order for the account to end with $770,000 after 41 years.
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