Question
An amount of $133 is paid at the end of every month into an account. If the nominal interest rate is 3.18% compounded quarterly, how
An amount of $133 is paid at the end of every month into an account. If the nominal interest rate is 3.18% compounded quarterly, how long (in years and months) will it take for the payments to accumulate to an amount of $6,948.04? Use the integer value of N to calculate years and months.
| P/Y = | C/Y = | N= (round to the nearest integer) |
| I/Y = | PMT = $ | PV = $ |
| FV = | = years | = month(s) |
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Financial Modeling
Authors: Simon Benninga, Tal Mofkadi
5th Edition
0262046423, 9780253337825
