ou plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023? 6,194.37 8333.33 11,255.08
ou plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023? 6,194.37 8333.33 11,255.08
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 36P
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Question
You plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023?
6,194.37 |
||
8333.33 |
||
11,255.08 |
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