Nicole wants to save 3500 dollars in the next 2 years to go on a backpacking trip. Interest on her account is 3.6% compunded monthly. How much does she need to deposit at the end of each month?
Nicole wants to save 3500 dollars in the next 2 years to go on a backpacking trip. Interest on her account is 3.6% compunded monthly. How much does she need to deposit at the end of each month?
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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Nicole wants to save 3500 dollars in the next 2 years to go on a backpacking trip. Interest on her account is 3.6% compunded monthly. How much does she need to deposit at the end of each month?
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