The owners of a condominium building wish to save enough money to replace the roof on their building in 10 years. The new roof is projected to cost $55,500. How much must they deposit monthly into an account earning j12-3% in order to have enough money for the new roof?

The owners of a condominium building wish to save enough money to replace the roof on their building in 10 years. The new roof is projected to cost $55,500. How much must they deposit monthly into an account earning j12-3% in order to have enough money for the new roof?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section: Chapter Questions

Problem 8P

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Question

The owners of a condominium building wish to save enough money to replace the
roof on their building in 10 years. The new roof is projected to cost $55,500.
How much must they deposit monthly into an account earning j12-3% in order to
have enough money for the new roof?
Your Answer:

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