Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ in 5 years. (Round to the nearest cent as needed.)

Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ in 5 years. (Round to the nearest cent as needed.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 28P

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