Compound interest on annuity

label Mathematics
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Question #2 – Compound Interest

Bruce is saving money to open a Hispanic food franchise. He needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that Bruce make monthly investments, what annuity payment must Bruce make to save $15,000?

Aug 19th, 2015

Thank you for the opportunity to help you with your question!

He must make 27,000 yes 

That's the answer

Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 19th, 2015

Studypool's Notebank makes it easy to buy and sell old notes, study guides, reviews, etc.
Click to visit
The Notebank
...
Aug 19th, 2015
...
Aug 19th, 2015
Jun 26th, 2017
check_circle
Mark as Final Answer
check_circle
Unmark as Final Answer
check_circle
Final Answer

Secure Information

Content will be erased after question is completed.

check_circle
Final Answer