John wishes to have $100,000 saved for his new-born baby daughter when she turns 20. If the interest rate is 9% compounded monthly, how much should he invest at the end of each month for 20 years?
John wishes to have $100,000 saved for his new-born baby daughter when she turns 20. If the interest rate is 9% compounded monthly, how much should he invest at the end of each month for 20 years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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