Question
How much money must be put into a bank account yielding 6.50% (compounded monthly) in order to have $1,550 at the end of seven years?
How much money must be put into a bank account yielding 6.50% (compounded monthly) in order to have $1,550 at the end of seven years? Round to two decimal places.
I'm not sure if I have to change the compounded monthly to compounded yearly to solved, or if it can be solved by leaving it monthly. Could you help me with that, please?
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Bond Markets Analysis and Strategies
Authors: Frank J.Fabozzi
9th edition
133796779, 978-0133796773
