To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 4.8% interest, compounded monthly. Payments will be made at the end of each month. How much money does she need to pay into the annuity each month for the annuity to have a total value of $97,000 after 18 years?
To help out with her retirement savings, Kaitlin invests in an ordinary annuity that earns 4.8% interest, compounded monthly. Payments will be made at the end of each month. How much money does she need to pay into the annuity each month for the annuity to have a total value of $97,000 after 18 years?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 14PROB
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To help out with her retirement savings, Kaitlin invests in an ordinary
How much money does she need to pay into the annuity each month for the annuity to have a total value of $97,000 after 18 years?
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