Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. how much will you have in 48 months if you invest

How much will you have in 48 months if you invest $73 a month at 12?%...

Free

80.2K

Verified Solution

Question

Finance

How much will you have in 48 months if you invest $73 a month at12?% annual? interest?

Answer & Explanation Solved by verified expert
4.2 Ratings (832 Votes)

A/c balance after 48 months P×[(1+r)^n-1]÷r
Here,
1 Interest rate per annum 12%
2 Number of years                                         4
3 Number of payments per per annum                                       12
1÷3 Interest rate per period ( r) 1%
2×3 Number of periods (n) 48
Payment per period (P) $                                  73
A/c balance after 48 months $          4,469.25
73*((1+1%)^48-1)/1%

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Transcribed Image Text

How much will you have in 48 months if you invest $73 a month at12?% annual? interest?

Other questions asked by students

Q

13 25 of 1000 is Round your answer to the nearest hundredth if necessary

Basic Math
Q

4 Which of the following is correctly matched Orbital a 4 f b 4 s...

Physics
Q

9. During a photoelectric effect experiment, light possessing 2.53 eV of energy is incident on...

Physics
Q

A water cooler of storage capacity 120 litres can cool water at a constant rate...

Physics
Q

Giving a test to a group of students the grades and gender are summarized below...

Statistics
Q

Question 6 of 6 6 Test H0 P P 0 versus H1 P P 0...

Statistics
Q

Graph the polar equation Identify the name of the shape 28 r 2 5 sin...

Algebra
Q

Exercise 7-13 On July 1, 2017, Whispering Inc. made two sales. 1. It sold land...

Accounting
Q

(4 marks) You are planning to open a bakery. You expect to build your business...

Accounting
Q

In 2022, Leo construction will work on a residential project that lasts 4 months. The...

Accounting
Q

GreenThumb Organic Fertilizer Company plans to sell 280,000 units of finished product in July and...

Accounting
Q

Why would it be inappropriate for a custom home builder to use process costing? If...

Accounting