Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you want to receive $650 at the end of each month

You want to receive $650 at the end of each month for 5 years. Interest...

90.2K

Verified Solution

Question

Finance

image

You want to receive $650 at the end of each month for 5 years. Interest is 8.7% compounded monthly. (a) How much would you have to deposit at the beginning of the 5-year period? (b) How much of what you receive will be interest? M (a) The deposit is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) (b) The interest is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Answer & Explanation Solved by verified expert
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A customer service phone line claims that the wait times before a call is answered by...

Operations Management
1.2K views

Quality is defined by the customer. Ethics have become a critical part of the Quality equation...

Basic Math
1.2K views

Suppose you want 25 000 in 14 years to purchase a car Find the amount...

Basic Math
1.2K views

KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2020 295 261 186 310...

Basic Math
1.2K views

Provide an appropriate response.The average score of all golfers for a particular course has a...

Basic Math
1.2K views

Let R be the region in the first quadrant bounded by the graphs of y=?x,...

Calculus
1.2K views

Find y and y y y y x In 6x

Algebra
1.2K views

Add 4x 5x x 1 2x4 7x 6x 2x Enter your answer in standard form...

Accounting
1.2K views

Lets Go Aero manufactures travel trailers bought primarily by young families and retirees interested...

Accounting
1.2K views

How much money should be invested in an account that earns 9% interest, compounded monthly,...

Accounting
1.2K views

Assume Photo Corporation purchased 55 percent of the outstanding stock of Shutter Company (i.e., ...

Accounting
1.2K views

Can you explain the concept behind Cash and Sales discount? 1) Which account is debited...