Flora is planning ahead for a 3-month world tour to celebrate completing graduate school. The trip’s estimated cost is $7,000. Flora would like to accumulate that sum over the next 4 years. She plans to make monthly deposits into her school’s minibank which gives 5% interest compounded monthly. How much does she has to contribute monthly?
Flora is planning ahead for a 3-month world tour to celebrate completing graduate school. The trip’s estimated cost is $7,000. Flora would like to accumulate that sum over the next 4 years. She plans to make monthly deposits into her school’s minibank which gives 5% interest compounded monthly. How much does she has to contribute monthly?
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 6E
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Flora is planning ahead for a 3-month world tour to celebrate completing graduate school. The trip’s estimated cost is $7,000. Flora would like to accumulate that sum over the next 4 years. She plans to make monthly deposits into her school’s minibank which gives 5% interest compounded monthly. How much does she has to contribute monthly?
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