Laura wants to accumulate RM150, 000 in her bank account by depositing RM1000 at the beginning of each month. If interest on the account is 5% compounded monthly, for how long does Laura have to deposit the money?

Laura wants to accumulate RM150, 000 in her bank account by depositing RM1000 at the beginning of each month. If interest on the account is 5% compounded monthly, for how long does Laura have to deposit the money?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 1PROB

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4. Laura wants to accumulate RM150, 000 in her bank account by depositing RM1000 at the beginning of each month. If interest on the account is 5% compounded monthly, for how long does Laura have to deposit the money?

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