If you sign up for a savings account with an annual interest rate of 12% (1% per
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Question:
If you sign up for a savings account with an annual interest rate of 12% (1% per month) that you will receive 4 million won in 2 years, what is the monthly amount you have to pay? However, suppose that interest is accrued at the end of the month.
(Annuity formula applied: future value)
(Annuity formula applied: future value)
After 10 years, the estimated price of an apartment of 20 pyeong is 200 million won. If you save a certain amount every year for 10 years in a fixed deposit with an annual interest rate of 10%, how much should you save? Can you buy an apartment in 10 years?
(However, payment at the end of the year)
(However, payment at the end of the year)
Related Book For
Fundamentals of Investments Valuation and Management
ISBN: 978-0077283292
5th edition
Authors: Bradford D. Jordan, Thomas W. Miller
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