Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity
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Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $1,200 per month. (Round your answers to the nearest cent.) (a) Find the amount needed at maturity to generate $1,200 per month interest if they can get 7 % interest compounded monthly. (b) Find the monthly payment that they would have to put into an ordinary annuity to obtain the future value found in part (a) if their money earns 9 % and the term is twenty-five years
Related Book For
Research Methods For Business Students
ISBN: 9781292208787
8th Edition
Authors: Mark Saunders, Philip Lewis, Adrian Thornhill
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