I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?
I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?
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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5. I have $5,000 and want to triple my money in 10 years. I am depositing money into my account every month. The bank pays me 1.2% APR with monthly compounding. How much should I deposit each month (starting from next month) into this account?
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