Larry wants to have $500,000.00 in 20 years. He found an annuity that is paying 3% with monthly compounding. Assume the interest rate remains the same while the account is open. Round all answers to the nearest cent. How much should be deposited each month? Monthly deposit He decides he can only afford $1,200.00 each month. How much will he deposit, in total? Total 2$ What will the future account balance be? Future value How much interest, in total, will be earned? Interest

Larry wants to have $500,000.00 in 20 years. He found an annuity that is paying 3% with monthly compounding. Assume the interest rate remains the same while the account is open. Round all answers to the nearest cent. How much should be deposited each month? Monthly deposit He decides he can only afford $1,200.00 each month. How much will he deposit, in total? Total 2$ What will the future account balance be? Future value How much interest, in total, will be earned? Interest

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter11: Capital Budgeting Decisions

Section: Chapter Questions

Problem 8EA: You put $250 in the bank for S years at 12%. A. If interest is added at the end of the year, how...

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