Question
Suppose you want to save $10,000 in 5 years for a down payment on a house. You plan to make monthly deposits into an account
Suppose you want to save $10,000 in 5 years for a down payment on a house. You plan to make monthly deposits into an account that pays an annual interest rate of 6%, compounded monthly. How much should you deposit each month to reach your goal?
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
