Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Katya wants to make 100 deposits to a bank account. She wants the total present value of the payments to be exactly $300,000. The first
Katya wants to make 100 deposits to a bank account. She wants the total present value of the payments to be exactly $300,000. The first 99 deposits of $5,700 will be made monthly, starting one month from today. How much will the 100" deposit be if it is made 100 months from today, assuming that Katya's effective annual interest rate is 20%? a. $43,861 O b. $47,607 O C. $44,822 O d. $45,920 O e. $45,930
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started