I CANNOT GET THIS TO WORK USING ANNUITY FV FORMULA AND SOLVING FOR T 39. Calculating the Number of Payments. You're prepared to make monthlypayments of $250, beginning at the end of this month, into an account thatpays 8 percent interest compounded monthly. How many payments will youhave made when your account balance reaches $50,000?

Monthly payments of $250 The annuity type is Beginning of the month The interest rate is 8%…

Answered: Calculating the Number of Payments.…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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Similar questions

You put $600 in the bank for 3 years at 15%. A. If Interest Is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the third year. B. Use the future value of $1 table In Appendix B and verify that your answer is correct.
You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the end of year two and continue to calculate all the way to the end of the fifth year. B. Use the future value of $1 table in Appendix B and verity that your answer is correct.
You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuity

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Calculating the Number of Payments. You're prepared to make monthly payments of $250, beginning at the end of this month, into an account that pays 8 percent interest compounded monthly. How many payments will you have made when your account balance reaches $50,000?