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