Project #79983 - Compound Interest

Question #2 – Compound Interest
Bruce is saving money to open a Hispanic food franchise. He needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that Bruce make monthly investments, what annuity payment must Bruce make to save $15,000?

Each of the problems you will be solving requires using your calculator to compute solve a financial equation. In order to calculate answers correctly, it is important that you follow several important rules: Ñž

  1. Follow the Order of Operations to solve complicated problems.
  2. Attempt to solve equations without writing down intermediate values. If you must write down values, keep as many digits or decimal places as you can. Better yet, use the memory locations in your calculator to store intermediate values.
  3. NEVER round intermediate calculations. Only round the final answer.

Subject Mathematics
Due By (Pacific Time) 08/23/2015 08:00 pm
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