Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per nonth in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE below. DEPOSIT # DEPOSIT AMOUNT INTEREST CURRENT BALANCE 1 2 3 4 and so on
Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per nonth in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE below. DEPOSIT # DEPOSIT AMOUNT INTEREST CURRENT BALANCE 1 2 3 4 and so on
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 4QTD
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![Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per
month in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE
below.
DEPOSIT #
DEPOSIT AMOUNT
INTEREST
CURRENT BALANCE
1
2
4
and so on](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e05a808-5f1a-4c57-aa47-d4325e9d6266%2F1b1051de-d76b-45fa-8f00-c748e5537af7%2F25rbm6m_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose you want to have $2,000,000 in 45 years. Calculate how much you need to deposit per
month in an account that pays 12%, compounded monthly. Then, complete the SAVINGS SCHEDULE
below.
DEPOSIT #
DEPOSIT AMOUNT
INTEREST
CURRENT BALANCE
1
2
4
and so on
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