Deposits of $100 are made monthly into a savings account that pays 3% compounded monthly. If the required amount in the account 10 years after the last deposit is $128,484.76, how long must the $100 deposits continue for? What is the amount required at the end of the annuity (10 years before reaching $128,484.76)
Deposits of $100 are made monthly into a savings account that pays 3% compounded monthly. If the required amount in the account 10 years after the last deposit is $128,484.76, how long must the $100 deposits continue for? What is the amount required at the end of the annuity (10 years before reaching $128,484.76)
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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Deposits of $100 are made monthly into a savings account that pays 3% compounded monthly. If the required amount in the account 10 years after the last deposit is $128,484.76, how long must the $100 deposits continue for?
What is the amount required at the end of the annuity (10 years before reaching $128,484.76)
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