Max wants to save $500,000 to give to the local clown college. Max decides he can afford to deposit $10000 each month into an account which pays 4% monthly. How many full deposits will Max need to make? a) What will be the size of the concluding deposit one month after the last full deposit
Max wants to save $500,000 to give to the local clown college. Max decides he can afford to deposit $10000 each month into an account which pays 4% monthly. How many full deposits will Max need to make? a) What will be the size of the concluding deposit one month after the last full deposit
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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Max wants to save $500,000 to give to the local clown college. Max decides he can afford to deposit $10000 each month into an account which pays 4% monthly. How many full deposits will Max need to make?
a) What will be the size of the concluding deposit one month after the last full deposit
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