Cheryl is setting up a payout annuity with her bank. She wants to receive a payout of $1200 per month for 20 years. A. How much will she have to deposit if she earns 8% interest compounde monthly? B. What's the total she will receive from her payout annuity?
Cheryl is setting up a payout annuity with her bank. She wants to receive a payout of $1200 per month for 20 years. A. How much will she have to deposit if she earns 8% interest compounde monthly? B. What's the total she will receive from her payout annuity?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 11PROB
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Cheryl is setting up a payout
A. How much will she have to deposit if she earns 8% interest compounde monthly?
B. What's the total she will receive from her payout annuity?
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