Larry wants to have $500,000.00 in 20 years. He found an annuity that is paying 3% with
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- Larry wants to have $500,000.00 in 20 years. He found an annuity that is paying 3% with monthly compounding.
- .Assume the interest rate remains the same while the account is open. Round all answers to the nearest cent.
- 1. How much should be deposited each month?
- 2. He decides he can only afford $1,200.00 each month. How much will he deposit, in total?
- 3. What will the future account balance be?
- 4. How much interest, in total, will be earned?
Related Book For
Modern Advanced Accounting in Canada
ISBN: 978-1259087554
8th edition
Authors: Hilton Murray, Herauf Darrell
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