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Home Q & A Board Science-Related Homework Help Mathematics
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Hillier Hillier
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Posts: 550
Rep: 5 0
6 years ago
How many monthly payments will it take for $1000.00 deposited at the end of each month to amount to $50 000.00 at 9% compounded monthly?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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Replies
wrote...
#1
6 years ago
FV = 50000.00; PMT = 1000.00; i =   = 0.75% = 0.0075
50000.00 = 1000 
0.375 =   - 1
1.375 = 
n ln 1.0075 = ln 1.375
n = 42.62 (months) ≈ 43 months
Hillier Author
wrote...
#2
6 years ago
Thank you for helping
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