A father wants to know "How do I invest $50,960 now so that my daughter gets...
A father wants to know "How do I invest $50,960 now so that my daughter gets $700 per month of income for the next 11 years?" Calculate the answer for this dad.
interest rate of this investment = ___% per month
Homework Answers
Number of months = 11 x 12 = 132.
Monthly interest rate is computing using Excel RATE function as follows.
| Current Investment (PV) ($) = | -50,960 |
| Number of months (NPER) = | 132 |
| Monthly payment (PMT) ($) = | 700 |
| Monthly interest rate = | 1.01% |
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