In 10 months, Alex will need $1,320.00 to pay her college tuition. How much does she need to invest today into an account earning an an interest rate of 8.745% compounded monthly, so that she has enough money to pay her tuition? The amount Alex needs to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places)
In 10 months, Alex will need $1,320.00 to pay her college tuition. How much does she need to invest today into an account earning an an interest rate of 8.745% compounded monthly, so that she has enough money to pay her tuition? The amount Alex needs to invest is (Note: Your answers should include a dollar sign and be accurate to two decimal places)
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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