You decide to invest in an instrument that pays 5% annual capitalizable interest each semester. If you want to get an amount of $1,000,000 at the end of 20 years, giving contributions at the end of each month, how much does each monthly contribution have to be to reach the goal?
You decide to invest in an instrument that pays 5% annual capitalizable interest each semester. If you want to get an amount of $1,000,000 at the end of 20 years, giving contributions at the end of each month, how much does each monthly contribution have to be to reach the goal?
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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You decide to invest in an instrument that pays 5% annual capitalizable interest each semester. If you want to get an amount of $1,000,000 at the end of 20 years, giving contributions at the end of each month, how much does each monthly contribution have to be to reach the goal?
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