A person is planning to open a savings account with the intent to buy a house in 5 years. They will invest an equal amount each month for 5 years. This account will earn 6% per year (.5% per month) and will have $300,000 at the end of 5 year term. What is the amount of the monthly investment?
A. 4169
B. 4435
C. 4300
D. 5296
+5
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “A person is planning to open a savings account with the intent to buy a house in 5 years. They will invest an equal amount each month for 5 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Home » Business » A person is planning to open a savings account with the intent to buy a house in 5 years. They will invest an equal amount each month for 5 years. This account will earn 6% per year (.5% per month) and will have $300,000 at the end of 5 year term.