Thomas has started working, and he is wondering how much he needs to put aside every month to purchase a TV IN 2 YEARS. Thomas needs exactly $3,275 to purchase a new TV . The money he puts aside he will earn interest every month. The interest is compounded monthly.\ The annual interest is 6%.

Thomas has started working, and he is wondering how much he needs to put aside every month to purchase a TV IN 2 YEARS. Thomas needs exactly $3,275 to purchase a new TV . The money he puts aside he will earn interest every month. The interest is compounded monthly.\ The annual interest is 6%.

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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Thomas has started working, and he is wondering how much he needs to put aside every month to purchase
a TV IN 2 YEARS. Thomas needs exactly $3,275 to purchase a new TV .
The money he puts aside he will earn interest every month. The interest is compounded monthly.\
The annual interest is 6%.

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