Question
Smith makes deposits of 1,000 on the last day of each month in an account earning interest at rate i (12) = 0.12. The first
Smith makes deposits of 1,000 on the last day of each month in an account earning interest at rate i (12) = 0.12. The first deposit is January 31, 2005 and the final deposit is December 31, 2029. The accumulated account is used to make monthly payments of Y starting January 31, 2030 with the final one on December 31, 2054. Find Y.
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Financial Markets And Institutions
Authors: Jeff Madura
8th Edition
0324568215, 978-0324568219
