Answered: If you pay 50 pesos at the end of each…

If you pay 50 pesos at the end of each month for 40 years on an account that pays interest at 10% compounded monthly, how much money do you have after 40 years?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 25P

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If you pay 50 pesos at the end of each month for 40 years on an account that pays interest at 10% compounded monthly, how much money do you have after 40 years?

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