Question
Question on TVM Calculation A person wants to put aside 500.00 at the beginning of each month for 10 years. At an interest rate of
Question on TVM Calculation
A person wants to put aside 500.00 at the beginning of each month for 10 years. At an interest rate of 6.0%, what will be her savings account in 10 years?
This is what I was thinking:
N=10
PV=6000(if she puts it away for 10 years at the beginning of each month)
I/Y= 6%
The answer is 82349 but I am not getting this??
Help needed!
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Introduction To Finance Markets, Investments, And Financial Management
Authors: Ronald W. Melicher, Edgar A. Norton
17th Edition
1119561175, 978-1119561170
