Compound interest on annuity

Mathematics
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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

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He must make 27,000 yes 

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Aug 19th, 2015

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