Your prepared to make monthly payments of $225, beginning at the end of this month, into...

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Your prepared to make monthly payments of $225, beginning at the end of this month, into...

Your prepared to make monthly payments of $225, beginning at the end of this month, into an account that pays 10% interest compounded monthly. How many payments will you have made when your account balance reaches $60,000? Please show all calculations and answers.

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Answer 1

Answer #1

Calculating number of deposits,

Using TVM Calculation,

N= [PV = 0, FV = 60,000, PMT = 225, I = 0.10/12]

N = 141

So,

Number of payments = 141

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Answer 2

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