Question
A person must pay the tuition for their studies exactly within seven months (at the end of the month). Tuition is worth 15 million. For
A person must pay the tuition for their studies exactly within seven months (at the end of the month). Tuition is worth 15 million. For this purpose, start saving seven equal installments in a fund by depositing them monthly in advance during this time. If the interest rate is 12% AC (annual cash), how much is each of the seven installments worth to pay the tuition at the end of month seven?
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Advanced Placement Microeconomics
Authors: Bill Hurd
1st Edition
1531150306, 978-1531150303
