Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ in 5 years. (Round to the nearest cent as needed.)
Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the compounding is being done monthly. She will be able to save $ in 5 years. (Round to the nearest cent as needed.)
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
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Kristy Joe deposits $130 each month in an ordinary annuity to save for a new car. If the annuity pays a
monthly interest rate of 0.91%, how much will she be able to save in 5 years? Assume that the
compounding is being done monthly.
She will be able to save $ in 5 years.
(Round to the nearest cent as needed.)
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