The Nelson family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 4.2% interest, compounded monthly. Payments will be made at the end of each month. How much money do they need to pay into the annuity each month for the annuity to have a total value of 14,000 pesos after 11 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
The Nelson family wants to save money to travel the world. They plan to invest in an ordinary annuity that earns 4.2% interest, compounded monthly. Payments will be made at the end of each month. How much money do they need to pay into the annuity each month for the annuity to have a total value of 14,000 pesos after 11 years? Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 35P
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The Nelson family wants to save money to travel the world. They plan to invest in an ordinary
How much money do they need to pay into the annuity each month for the annuity to have a total value of 14,000 pesos after 11 years?
Do not round intermediate computations, and round your final answer to the nearest cent. If necessary, refer to the list of financial formulas.
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