Suppose Kylie has an account that will grow to $382,000.00 in 16 years. It grows at 6.4% annual interest, compounded monthly, under the current investment strategy. The owner of the account, however, wants it to have $559,000.00 after 16 years. How much additional monthly contribution should they make to meet their goal?

Suppose Kylie has an account that will grow to $382,000.00 in 16 years. It grows at 6.4% annual interest, compounded monthly, under the current investment strategy. The owner of the account, however, wants it to have $559,000.00 after 16 years. How much additional monthly contribution should they make to meet their goal?

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 16P

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