Use the appropriate formula to determine the periodic deposit. b.How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $? at the end of each month 7.25% compounded monthly 40 years $1,250,000 See the formulas and check what is the best one to use for this problem. a.The periodic deposit is$________. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $_______ of the $1,250,000 comes from deposits and $_________ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Use the appropriate formula to determine the periodic deposit. b.How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $? at the end of each month 7.25% compounded monthly 40 years $1,250,000 See the formulas and check what is the best one to use for this problem. a.The periodic deposit is$________. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $_______ of the $1,250,000 comes from deposits and $_________ comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
17
a.Use the appropriate formula to determine the periodic deposit.
b.How much of the financial goal comes from deposits and how much comes from interest?
|
Periodic Deposit
|
Rate
|
Time
|
Financial Goal
|
|---|---|---|---|
|
$? at the end of each month
|
7.25%
compounded monthly |
40
years |
$1,250,000
|
a.The periodic deposit is$________.
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
b. $_______ of the $1,250,000 comes from deposits and $_________ comes from interest.
(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
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