I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?

I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....

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5. I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?

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