Mr. Gordon plans to invest $600 at the end of each month in an account that pays 12%, compounded monthly. After how many months will the account be worth $50,000? (a) State whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due (b) Solve the problem. (Round your answer UP to the nearest month.) months
Mr. Gordon plans to invest $600 at the end of each month in an account that pays 12%, compounded monthly. After how many months will the account be worth $50,000? (a) State whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due (b) Solve the problem. (Round your answer UP to the nearest month.) months
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 13PROB
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