Engineer Sanchez intends to buy an industrial labeling machine for his business within 13 months. For this, he opens an account in a banking institution with an initial deposit of $25,000 and then deposits $13,715 at the end of each month. How much does he manage to accumulate at the end of the term, if the interest rate is 9.74% compounded each month?

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FV PMT 1 rn 1 r Where FV is the future value of the annui... View the full answer