22) An investment pays you $5,000 at the end of each of the next five years. Your plan is to invest the money in an account that pays 8 percent interest, compounded monthly. How much will you have in the account after receiving the final $5,000 payment in 5 years (60 months)?
22) An investment pays you $5,000 at the end of each of the next five years. Your plan is to invest the money in an account that pays 8 percent interest, compounded monthly. How much will you have in the account after receiving the final $5,000 payment in 5 years (60 months)?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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22) An investment pays you $5,000 at the end of each of the next five years. Your plan is to invest the money in an account that pays 8 percent interest, compounded monthly. How much will you have in the account after receiving the final $5,000 payment in 5 years (60 months)?
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