Suppose I just opened an account today, and it has a $0 balance. Starting next month I will make equal deposits each month for 30 years. How much do I need to deposit each month to reach a goal of $1 million if my account is earning 9% APR compounded monthly?

Suppose I just opened an account today, and it has a $0 balance. Starting next month I will make equal deposits each month for 30 years. How much do I need to deposit each month to reach a goal of $1 million if my account is earning 9% APR compounded monthly?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 16PROB

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