David has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in
David has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in an ordinary annuity that earns
3.6%
interest, compounded monthly. Deposits will be made at the end of each month. How much money will he need to deposit into the annuity each month for the annuity to have a total value of
$25,000
after
7
years?
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Authors: Robert D. Edwards, John Magee
6th Edition
1599180219, 978-0139043437
