Question
Your family wants to save money each month to take a vacation in 6 years that will cost $11,000. If the money is deposited in
Your family wants to save money each month to take a vacation in 6 years that will cost $11,000. If the money is deposited in an account that pays 6% annual interest compounded monthly, how much should the family deposit each month to have enough saved for their vacation?
Round to 2 decimal places.
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Basic Finance An Introduction to Financial Institutions Investments and Management
Authors: Herbert B. Mayo
10th edition
1111820635, 978-1111820633
