How much would you have to deposit at the end of the year in an account that pays an interest rate of 7.6% compounded monthly, if at the end of 15 years you want $20,000 in the account?
How much would you have to deposit at the end of the year in an account that pays an interest rate of 7.6% compounded monthly, if at the end of 15 years you want $20,000 in the account?
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 31P
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How much would you have to deposit at the end of the year in an account that pays an interest rate of 7.6% compounded monthly, if at the end of 15 years you want $20,000 in the account? Use the TMV calculator to fill in the table.
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