What minimum initial amount of money, invested to earn 9% compounded monthly, will support a monthly payout

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What minimum initial amount of money, invested to earn 9% compounded monthly, will support a monthly payout of $500 for 3 1/2 years, if the first payment occurs 2 years and 10 months from now?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:43 AM

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What minimum initial amount of money, invested to earn 9% compounded monthly, will support a monthly payout

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Given PMT 500 i 912 075 n 1235 42 d 12275 33 An inve...View the full answer

Business Mathematics In Canada

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