ou plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023? 6,194.37 8333.33 11,255.08

ou plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023? 6,194.37 8333.33 11,255.08

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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Question

You plan to make twelve monthly payments of $1000 at the end of each month in the year 2024. Given that the account pays 12% interest compounded monthly, how much should you deposit by the end of the year 2023?

		6,194.37
		8333.33
		11,255.08

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