Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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48. You presently have $60,000 in an account that earns interest at 6.0% compounded monthly. You will be making end of month deposits of $800 into the account for 12.5 years. How much will you need to deposit at the end of each month for 7.5 more years (for a total of 20 years) to accumulate $600,000?
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Transcribed Image Text:48. You presently have $60,000 in an account that earns interest at 6.0% compounded monthly. You will be making end of month deposits of $800 into the account for 12.5 years. How much will you need to deposit at the end of each month for 7.5 more years (for a total of 20 years) to accumulate $600,000?
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