2) You wish to save $150,000 for a new car. You are going to make $5000 deposits at the end of each month. If the bank pays 3% compounded monthly, then how many full deposits are needed? a) what is the amount of the smaller concluding deposit at the end of the next month?
2) You wish to save $150,000 for a new car. You are going to make $5000 deposits at the end of each month. If the bank pays 3% compounded monthly, then how many full deposits are needed? a) what is the amount of the smaller concluding deposit at the end of the next month?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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2) You wish to save $150,000 for a new car. You are going to make $5000 deposits at the end of each month. If the bank pays 3% compounded monthly, then how many full deposits are needed?
a) what is the amount of the smaller concluding deposit at the end of the next month?
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