Sharon has an account that starts at $5,800. She add $100 to it each month. It earns 7.4% interest, compounded monthly. The investment will last herfor 41 years. Beyond the $100 you add each month, how much additional monthly payment will she need to add in order for the account to end with $900,000 after 41 years?

Sharon has an account that starts at $5,800. She add $100 to it each month. It earns 7.4% interest, compounded monthly. The investment will last herfor 41 years. Beyond the $100 you add each month, how much additional monthly payment will she need to add in order for the account to end with $900,000 after 41 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 23P

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