Find the monthly payment that will yield the future value of $105,000 using an ordinary annuity at 10% interest for 29 years. (Round the answer to the nearest cent.)$

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
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Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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Find the monthly payment that will yield the future value of $105,000 using an ordinary annuity at 10% interest for 29 years. (Round the answer to the nearest cent.)
$

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Future value annuity formula can be used to determine the monthly payment of this ordinary annuity. Here, the rate of interest would become 10%/12 and number of periods would be 29*12.

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