Answered: Sarah wants to have $20,000 in nine…

Sarah wants to have $20,000 in nine years. If she puts the money in an account which pays 4% compounded monthly, how much does she need to invest?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Sarah wants to have $20,000 in nine years. If she puts the money in an account which pays 4% compounded monthly, how much does she need to invest?

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