Suppose Stephen has an account that will grow to $455,000.00 in 21 years. It grows at 6.7% annual interest, compounded monthly, under the current investment strategy. The owner of the account, however, wants it to have $613,000.00 after 21 years. How much additional monthly contribution should they make to meet their goal? Answer: $ (Round to the nearest cent/penny)

Suppose Stephen has an account that will grow to $455,000.00 in 21 years. It grows at 6.7% annual interest, compounded monthly, under the current investment strategy. The owner of the account, however, wants it to have $613,000.00 after 21 years. How much additional monthly contribution should they make to meet their goal? Answer: $ (Round to the nearest cent/penny)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 34P

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