An amount of 1200 per year is to be paid into an account each for the next five years. Using an interest rate of 12 % determine the total amount the account will have at the end of 5th year. Deposit made at the end of each year with interest compounded monthly
An amount of 1200 per year is to be paid into an account each for the next five years. Using an interest rate of 12 % determine the total amount the account will have at the end of 5th year. Deposit made at the end of each year with interest compounded monthly
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 1P
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An amount of 1200 per year is to be paid into an account each for the next five years. Using an interest rate of 12 % determine the total amount the account will have at the end of 5th year. Deposit made at the end of each year with interest compounded monthly.
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