How much would you need to deposit in an account each month in order to have $50,000 in the account in 8 years? Assume the account earns 4.5% interest. Round your answer to the nearest cent as needed.

How much would you need to deposit in an account each month in order to have $50,000 in the account in 8 years? Assume the account earns 4.5% interest. Round your answer to the nearest cent as needed.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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How much would you need to deposit in an account each month in order to have $50,000 in the account in 8 years? Assume the account earns 4.5% interest.
Round your answer to the nearest cent as needed.

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