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answer for 24.3: 32,494.69 answer for 24.4: 1,144.82 Problem 24.3 Suppose you deposit $200 per month, at the end of each month, in a savings
answer for 24.3: 32,494.69 answer for 24.4: 1,144.82
Problem 24.3 Suppose you deposit $200 per month, at the end of each month, in a savings account paying the effective annual rate of interest 6%. How much will be in the account after ten years? (i.e. just after your 120th deposit?) Problem 24.4 A loan of $150,000 is repaid by equal installments at the end of each month, for 25 years. Given that the nominal annual rate of interest, convertible semiannually, is 8%, compute the amount of monthly installmentStep by Step Solution
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