Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Karen wants to accumulate $6000. she makes deposits $150 at the end of every month in a fund earning interest at j12=6% for n months

Karen wants to accumulate $6000. she makes deposits $150 at the end of every month in a fund earning interest at j12=6% for n months followed by a smaller concluding deposit one month later. what is the size of the smaller concluding needed for her to reach her goal of $6000?

a. no final deposit is needed

b. $314.50

c. $99.58

d. $70.08

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Finance Transactions Policy And Regulation

Authors: Hal Scott, Anna Gelpern

21st Edition

1634602048, 978-1634602044

More Books

Students also viewed these Finance questions