Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per nonth in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE below. DEPOSIT # DEPOSIT AMOUNT INTEREST CURRENT BALANCE 1 2 3 4 and so on

Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per nonth in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE below. DEPOSIT # DEPOSIT AMOUNT INTEREST CURRENT BALANCE 1 2 3 4 and so on

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 4QTD

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Question

Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per
month in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE
below.
DEPOSIT #
DEPOSIT AMOUNT
INTEREST
CURRENT BALANCE
1
2
4
and so on

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