sofiayonan5
contestada

suppose you have a bank account earning 6% annual interest rate compounded monthly, and you want to put in enough money so that you can withdraw $100 at the end of each month over a time frame of ten years. calculate how much money you need to start with. show work.

Respuesta :

Answer:

maybe 10000

Step-by-step explanation:

madethisfortwitch1

Answer:

9007.35

Step-by-step explanation:

First find the effective rate: .06/12= .005

let x= amount

[tex]x=100\frac{1-(1+.005)^{-12*10}}{.005}\\100*\frac{1-.549632733}{.005}\\9007.345333[/tex]

Otras preguntas