Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly compound interest rate. Togo decides to invest his monthly leftover amount at the 0.45% rate. Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points. Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly compound interest rate. Togo decides to invest his monthly leftover amount at the 0.45% rate. Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points. Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
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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Togo's monthly salary is $1080 and his monthly expenses are on average $750. Togo is looking at some possible investments and his best offer was a 0.45% monthly
Find the accumulated amount of his April leftover amount invested at the given rate at the end of the year. Round your final answer to two decimal points.
Hint: You only need to calculate the accumulated amount for April's leftover amount not for all months of the year. Remember that the accumulated amount is the principal and earned interest added together.
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