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How much would a business have to invest in a fund to receive $22,000 at the end of every month for 5 years? The fund has an interest rate of 5.25% compounded monthly and the first withdrawal is to be made in 2 years and 1 month. $0.00 Round to the nearest cent

How much would a business have to invest in a fund to receive $22,000 at the end of every month for 5 years? The fund has an interest rate of 5.25% compounded monthly and the first withdrawal is to be made in 2 years and 1 month. $0.00 Round to the nearest cent

Essentials Of Investments
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
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How much would a business have to invest in a fund to receive $22,000 at the end of every month for 5 years? The fund has an interest rate of 5.25% compounded monthly and the first withdrawal is to be made in 2 years and 1 month. $0.00 Round to the nearest cent
Transcribed Image Text:How much would a business have to invest in a fund to receive $22,000 at the end of every month for 5 years? The fund has an interest rate of 5.25% compounded monthly and the first withdrawal is to be made in 2 years and 1 month. $0.00 Round to the nearest cent
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