Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly compound interest rate. Togo decides to invest his monthly leftover amount at the 0.45% rate. Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points. Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly compound interest rate. Togo decides to invest his monthly leftover amount at the 0.45% rate. Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points. Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
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 5E
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Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly
Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points.
Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
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