Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in nine months, and the account pays 7.2% annual interest. What are her monthly payments to the account? To have $600 in the fund in nine months, her monthly payments must be $. (Round up to the nearest cent.)

Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy a new convection range in nine months, and the account pays 7.2% annual interest. What are her monthly payments to the account? To have $600 in the fund in nine months, her monthly payments must be $. (Round up to the nearest cent.)

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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Sarafina is making monthly payments into an annuity. She wants to have $600 in the fund to buy
a new convection range in nine months, and the account pays 7.2% annual interest. What are
her monthly payments to the account?
To have $600 in the fund in nine months, her monthly payments must be $.
(Round up to the nearest cent.)
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