Question number 14 The Flores Family loves to go saling on the weekends Mr Flores has decided to purchase a more spacious salboat. The sailboat he is interested in buying in 4 years will cost him 1 25,000 An account at Invest Well Bank earns 6% per year compounded monthly How much should Mr Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years? 05442 13 O$528 58 O$ 398.95 $ 485 34 $ 462 13 O None of the above

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat he is interested in buying in 4 years will cost him $25,000. An account at Invest Well Bank earns 6% per year compounded monthly. How much should Mr. Flores deposit in this account at the beginning of each month to be able to pay cash for the sailboat in 4 years?    

Question number 14
The Flores Family loves to go sailing on the weekends Mr. Flores has decided to purchase a more spacious salboat. The sailboat he is interested in buying in 4 years will cost him $
25,000 An account at Invest Well Bank earns 6% per year compounded monthly How much should Mr Flores deposit in this account at the beginning of each month to be able to
pay cash for the saiboat in 4 years?
O$44213
O$528 58
O $398.95
S485 34
O$402 13
O None of the above
Transcribed Image Text:Question number 14 The Flores Family loves to go sailing on the weekends Mr. Flores has decided to purchase a more spacious salboat. The sailboat he is interested in buying in 4 years will cost him $ 25,000 An account at Invest Well Bank earns 6% per year compounded monthly How much should Mr Flores deposit in this account at the beginning of each month to be able to pay cash for the saiboat in 4 years? O$44213 O$528 58 O $398.95 S485 34 O$402 13 O None of the above
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