Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to deposit $145,800 today and make additional $29,150 deposits at the end of every six months thereafter. How many additional deposits and how long will it take to accumulate the $824,000 if interest rate is 5.99% compounded monthly? Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report N (number of additional deposits) as a whole number. P/Y = C/Y = N = I/Y = PV = $ PMT = $ FV = $
Lily Enterprise wants to accumulate a total sum of $824,000 in a few years. They want to deposit $145,800 today and make additional $29,150 deposits at the end of every six months thereafter. How many additional deposits and how long will it take to accumulate the $824,000 if interest rate is 5.99% compounded monthly? Enter the future value as a positive value in the FV box below. Enter PV and PMT as positive or negative values based on FV being positive. Report N (number of additional deposits) as a whole number. P/Y = C/Y = N = I/Y = PV = $ PMT = $ FV = $
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 34P
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