e both the final answer yet cannot figure it out what is the detail algorithmn of the equation. I need you to solve this question in a comprehensive way with step by syep solution by showing me how was the 0.0834 be calculated.  . Don't want excel calculator's answer. Th

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
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I have both the final answer yet cannot figure it out what is the detail algorithmn of the equation. I need you to solve this question in a comprehensive way with step by syep solution by showing me how was the 0.0834 be calculated.  . Don't want excel calculator's answer. Thanks

3) You make monthly deposits of $100 into an annuity and after 30 years
wish to accumulate $160,000. What annual rate compounded monthly will be
required to do this? (0.083480405763)
P{{1+;
Р
Here in S=
7'
m
mt
-1
m
360
12
106000 100 (1)-1)
7/12
we sill solve for r:
⇒r=0.083480405763
Transcribed Image Text:3) You make monthly deposits of $100 into an annuity and after 30 years wish to accumulate $160,000. What annual rate compounded monthly will be required to do this? (0.083480405763) P{{1+; Р Here in S= 7' m mt -1 m 360 12 106000 100 (1)-1) 7/12 we sill solve for r: ⇒r=0.083480405763
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