If a student makes monthly deposits of $1,200 into an account with a nominal annual interest rate of 4.5% compounded monthly, will he have enough after 5 years to purchase a $105,000 property in cash? USE: Non-Annual Compounding m į = (1 + ) r - 1 m ie . .Annual effective interest rate m.. .Number of compounding periods per year r.. .Nominal annual interest rate

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A: here we calculate the given by following method as follow;

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A:

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A:

Q: fast urgent.

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A: In this question we have to find out the principal value with the help of the above information.