You want to have 50000 in the bank after 15 years if the, Ask an Expert

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You want to have $50,000 in the bank after 15 years. If the bank pays 16% compounded quarterly, how much must you deposit at the end of each month to have this amount of money at the end of 15 years? The bank pays simple interest on money which is deposited during the quarter, but interest is credited to the account and begins to draw interest itself only at the end of a quarter.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92649891

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