Question
July Avenue, Inc. wants to have $5,000,000 in an account exactly 10 years from today. They will make equal monthly payments of $10,000 beginning next
July Avenue, Inc. wants to have $5,000,000 in an account exactly 10 years from today. They will make equal monthly payments of $10,000 beginning next quarter and ending in 10 years. The account earns 8.00% p.a., compounded monthly. How much must July Avenue, Inc. have in its account today?
Round answer to two decimal places
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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
17th Edition
1119561175, 978-1119561170
