Question
On the first day of each month, starting January 1, 1995, Mike deposits 200 in an account earning i(12) = 0.06, with interest credited the
On the first day of each month, starting January 1, 1995, Mike deposits 200 in an account earning i(12) = 0.06, with interest credited the last day of each month. In addition, Mike deposits 1000 in the account every December 31.
(b) Find the period of time when Mike's account first exceed 200000 ?
(c) What is the balance on April 1, 2020 after the deposit of 200 is made?
And please show the whole equation:)
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 10th Edition
1337902578, 978-1337902571
