a) A man deposits 20 millions at the end of each month in an account that earns 8 per cent compounded monthly. How long will it take until this man has 6 billions vnd to buy his own apartment?
b) Assume that he only can distribute to this account at the end of each month for the first 5 years and then stop depositing. Of course the account still earns 8 per cent compounded monthly. Including the first 5 years, how long does it take until this man has 6 billions
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A man deposits 20 millions at the end of each month in an account that earns 8 per cent compounded …..
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