Flora is planning ahead for a 3-month world tour to celebrate completing graduate school. The trip’s estimated cost is $7,000. Flora would like to accumulate that sum over the next 4 years. She plans to make monthly deposits into her school’s minibank which gives 5% interest compounded monthly. How much does she has to contribute monthly?

Flora is planning ahead for a 3-month world tour to celebrate completing graduate school. The trip’s estimated cost is $7,000. Flora would like to accumulate that sum over the next 4 years. She plans to make monthly deposits into her school’s minibank which gives 5% interest compounded monthly. How much does she has to contribute monthly?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter27: Time Value Of Money (compound)

Section: Chapter Questions

Problem 6E

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