4. A person want to have 500,000 dollars at the end of 12 years. To obtain that aim, this person deposit P at the end of each month during 12 years, with a constant interest rate 0.06 per annum compounded monthly. What is P?

4. A person want to have 500,000 dollars at the end of 12 years. To obtain that aim, this person deposit P at the end of each month during 12 years, with a constant interest rate 0.06 per annum compounded monthly. What is P?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

4. A person want to have 500,000 dollars at the end of 12
years. To obtain that aim, this person deposit P at the end of
each month during 12 years, with a constant interest rate 0.06
per annum compounded monthly. What is P?

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