16) How much money must you pay into an account at the end of each month for...
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Question:
16)
How much money must you pay into an account at the end of each month for 12 years in order to have $10,000
at the end of the 12th year? Assume that the account pays 6.75 percent per year, compounded monthly, and
round to the nearest $1.
A)
$21
B)
$45
C)
$47
D)
$567
Answer is B) $45. Can you explain for me?
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