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gewusel gewusel
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7 years ago
Jenni intends to retire in 50 years and would like to receive $3000.00 every month for 10 years starting on the date of her retirement. How much must she deposit in an account today if interest is 12% compounded annually?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
7 years ago
p =   - 1 = 0.009488793
PVg (due) = 3000 (1.009488793 )
   = 3000.00(71.45553322)(1.009488793)
   = $216400.68
PV = 216400.68 (1.009488793 )-600 = 221516.27(.0034601813) = $748.79
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