A company has a tax bill of $14,930 coming due in 10 months. They would like to save for this bill by depositing equal amounts each month into an account earning 5% compounded monthly. How much would they need to deposit each month in order to save for this bill? Round to 2 decimal places.
A company has a tax bill of $14,930 coming due in 10 months. They would like to save for this bill by depositing equal amounts each month into an account earning 5% compounded monthly. How much would they need to deposit each month in order to save for this bill? Round to 2 decimal places.
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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A company has a tax bill of $14,930 coming due in 10 months. They would like to save for this bill by depositing equal amounts each month into an account earning 5% compounded monthly. How much would they need to deposit each month in order to save for this bill? Round to 2 decimal places.
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