In order to have $373,010 in 29 years, how much needs to be deposited each month into a bank account whose annual rate is 1.1% with monthly compounding? Round your answer to the nearest dollar..

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Please do both question They are easy I will definitely upvote u
Question 5
In order to have $373,010 in 29 years, how much needs to be deposited each month into a bank account whose annual rate is 1.1% with
monthly compounding?
Round your answer to the nearest dollar.
Question 6
Each day, you deposit $2.66 into a bank account whose annual rate is 2.3% with daily compounding. How much interest will you have
earned after 15 years?
Round your answer to the nearest dollar.
Transcribed Image Text:Question 5 In order to have $373,010 in 29 years, how much needs to be deposited each month into a bank account whose annual rate is 1.1% with monthly compounding? Round your answer to the nearest dollar. Question 6 Each day, you deposit $2.66 into a bank account whose annual rate is 2.3% with daily compounding. How much interest will you have earned after 15 years? Round your answer to the nearest dollar.
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