Travis International has a one-time expense of $1.13 million that must be paid two years from...

 

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Travis International has a one-time expense of $1.13 million that must be paid two years from today. The firm can earn 4.3 percent, compounded monthly on its savings. How much must the firm save each month to fund this expense if the firm starts investing equal amounts each month starting at the end of this month? A) $38,416.20 B) $45,172.02 C) $51,300.05 D) $47,411.08 E) $53,901.15 Travis International has a one-time expense of $1.13 million that must be paid two years from today. The firm can earn 4.3 percent, compounded monthly on its savings. How much must the firm save each month to fund this expense if the firm starts investing equal amounts each month starting at the end of this month? A) $38,416.20 B) $45,172.02 C) $51,300.05 D) $47,411.08 E) $53,901.15

Answer rating: 100% (QA)

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