You're prepared to make monthly payments of $360, beginning at the end of this month, into an account that pays 7 percent interest compounded monthly. |
How many payments will you have made when your account balance
reaches $21,311? |
Ans 72.30
Annuity PV Due (Beginning)= | P + P [ 1 - ( 1 + r )-(n-1) ] |
r | |
21311 = | 360 + 360 * ( 1 - ((1 / (1 + 7%/12)^(n-1))))/ (7%/12) |
n = | 72.30 months |
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