ohn and Diane want to have $386,000.00 available for retirement. How much will hey have to invest every month into an ordinary annuity earning an annual interest ate of 3.63% compounded monthly if they invest for 10 years? If they invest for 16 ears? If they invest for 28 years? after 10 years? $268,643.52 after 16 years? $216,137.34 fter 28 years? $139,906.11

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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John and Diane want to have $386,000.00 available for retirement. How much will
they have to invest every month into an ordinary annuity earning an annual interest
rate of 3.63% compounded monthly if they invest for 10 years? If they invest for 16
years? If they invest for 28 years?
After 10 years? $268,643.52
After 16 years? $216,137.34
After 28 years? $139,906.11
(Note: Your answers are a dollar amount and should include a dollar sign)
Transcribed Image Text:John and Diane want to have $386,000.00 available for retirement. How much will they have to invest every month into an ordinary annuity earning an annual interest rate of 3.63% compounded monthly if they invest for 10 years? If they invest for 16 years? If they invest for 28 years? After 10 years? $268,643.52 After 16 years? $216,137.34 After 28 years? $139,906.11 (Note: Your answers are a dollar amount and should include a dollar sign)
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