John D. Investor owns an apartment building. Each apartment has certain items, such as refrigerators, garbage disposals, and carpets, that are expected to require replacement in 15 years. The total cost of replacement at the end of 15 years is expected to be $95,000. How much must John deposit monthly in an account earning 5 percent per year (compounded monthly) to have the required $95,000?

Answer rating: 100% (QA)

To calculate how much John must deposit monthly we can use the fut... View the full answer