You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose you want to use this fund to buy a $392,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? $ . Round to the nearest dollar.
You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period. Suppose you want to use this fund to buy a $392,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal? $ . Round to the nearest dollar.
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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You decide to make monthly payments into a retirement fund earning 4.75% compounded monthly. Note: Payments are made at the end of each period.
Suppose you want to use this fund to buy a $392,000 houseboat when you retire in 40 years. How much do you need to deposit each month in order to achieve this goal?
$ . Round to the nearest dollar.
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