Determine the monthly payment necessary to accumulate $40,000 in a fund paying 8% per year, compounded monthly, for 6 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.

$__________ per month

Question

Determine the monthly payment necessary to accumulate $40,000 in a fund paying 8% per year, compounded monthly, for 6 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
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$__________ per month

Quizplus · Accepted Answer

The Answer of Determine the monthly payment necessary to accumulate $40,000 in a fund paying 8% per year, compounded monthly, for 6 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
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$__________ per month

Determine the Monthly Payment Necessary to Accumulate $40,000 in a Fund