Problem 6.40 – Savings Goal Calculation with Monthly Payment Plan and Compounded Interest
Fundamentals of Corporate Finance
Ross, Westerfield, and Jordan
13th Edition
Calculate the number of monthly payments required to reach a savings goal, given that an individual makes monthly payments of a certain amount into an account with a fixed annual percentage rate (APR) that is compounded monthly. (Your numbers will vary)
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Your numbers will vary.