Acme Annuities recently offered an annuity that pays 7.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $161,000 in 10 years? The amount of each deposit should be $ (Round to the nearest cent.)
Acme Annuities recently offered an annuity that pays 7.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $161,000 in 10 years? The amount of each deposit should be $ (Round to the nearest cent.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Acme Annuities recently offered an annuity that pays 7.5% compounded monthly. What equal monthly deposit should be made into this annuity in order to have $161,000 in 10 years?
The amount of each deposit should be $
(Round to the nearest cent.)
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