Lovely Mae’s deposit of 100,000 is placed into a college fund at the beginning of every month for 10 years. The fund earns 9% annual interest, compounded monthly, and paid at the end of the month. How much is in her account right after the last deposit? Show solution.
Lovely Mae’s deposit of 100,000 is placed into a college fund at the beginning of every month for 10 years. The fund earns 9% annual interest, compounded monthly, and paid at the end of the month. How much is in her account right after the last deposit? Show solution.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 19PROB
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1. Lovely Mae’s deposit of 100,000 is placed into a college fund at the beginning of every month for 10 years. The fund earns 9% annual interest, compounded monthly, and paid at the end of the month. How much is in her account right after the last deposit? Show solution.
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