contestada

You're prepared to make monthly payments of $400, beginning at the end of this month, into an account that pays 5 percent interest compounded monthly. How many payments will you have made when your account balance reaches $26,182?

Respuesta :

Answer:

58

Explanation:

In this question we use the NPER function that is shown in the excel spreadsheet

Given that,  

Present value = $0

Future value or Face value = $26,182

PMT = $400

Rate = 5% ÷ 12 months = 0.41666%

The formula is shown below:  

= NPER(RATE,PMT,-PV,FV,type)  

The PMT come in negative  

So, after solving this,  the number of payments is 58

     

Ver imagen andromache

Otras preguntas