Essay
Bob Sarto Motor Company wants to accumulate $1,400,000 to pay off an equipment loan due in 2 years.
How much should Bob Sarto Motor Company deposit each month beginning one month from today in order to accumulate $1,400,000 if the bank pays 12% annual interest with monthly compounding?
Correct Answer:
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N = 24 (2 * 12) I/Y ...View Answer
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Correct Answer:
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