How much would you need to deposit in an account each month in order to have $40,000 in the account in 5 years? Assume the account earns 6% interest. Submit Question
How much would you need to deposit in an account each month in order to have $40,000 in the account in 5 years? Assume the account earns 6% interest. Submit Question
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:How much would you need to deposit in an account each month in order to have $40,000 in the account in
5 years? Assume the account earns 6% interest.
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