Michael wants to have $60,000 in 11 years on a savings plan that requires monthly contributions. If he can earn 7 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 11 years? Round it to two decimal places

Michael wants to have $60,000 in 11 years on a savings plan that requires monthly contributions. If he can earn 7 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 11 years? Round it to two decimal places

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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