.A series of equal cash $200 that is deposited at the end of each month will last for 10 years. How much will be the future worth of these money if the bank offers an interest rate of 9% compounded monthly? If compounded quaterly, how much is the future worth?

.A series of equal cash $200 that is deposited at the end of each month will last for 10 years. How much will be the future worth of these money if the bank offers an interest rate of 9% compounded monthly? If compounded quaterly, how much is the future worth?

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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3. A series of equal cash $200 that is deposited at the end of each month will last for 10
years. How much will be the future worth of these money if the bank offers an interest
rate of 9% compounded monthly? If compounded quaterly, how much is the future
worth?

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