Question
Hong has always dreamed of opening a caf by the seaside. He decides he will save to help open the caf by depositing money in
Hong 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 earns6.6% 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$24,000after7years?
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Elementary Algebra
Authors: Jerome E Kaufmann, Rosemary Karr, Karen L Schwitters, Marilyn Massey, R David Gustafson
10th Edition
1305161769, 9781305161764
