You plan to buy the house of your dreams in 18 years. You have estimated that the price of the house will be $60, 619 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 7.61 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?
You plan to buy the house of your dreams in 18 years. You have estimated that the price of the house will be $60, 619 at that time. You are able to make equal deposits every month at the end of the month into a savings account at an annual rate of 7.61 percent, compounded monthly. How much money should you place in this savings account every month in order to accumulate the required amount to buy the house of your dreams?
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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Transcribed Image Text:You plan to buy the house of your dreams in
18 years. You have estimated that the price of
the house will be $60, 619 at that time. You are
able to make equal deposits every month at
the end of the month into a savings account at
an annual rate of 7.61 percent, compounded
monthly. How much money should you place
in this savings account every month in order to
accumulate the required amount to buy the
house of your dreams?
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