The Weidmans want to save $45,000 in 4 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? (Round your answer to the nearest cent.) Need Help? Read It

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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The Weidmans want to save $45,000 in 4 years for a down payment on a house. If they make monthly deposits in an
account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? (Round
your answer to the nearest cent.)
Need Help?
Read It
Transcribed Image Text:The Weidmans want to save $45,000 in 4 years for a down payment on a house. If they make monthly deposits in an account paying 12%, compounded monthly, what is the size of the payments that are required to meet their goal? (Round your answer to the nearest cent.) Need Help? Read It
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