How Much Should Be Set Aside Each Month to Accumulate

question 41

Multiple Choice

How much should be set aside each month to accumulate $10 000 at the end of year 3 under 12% annual interest rate compounded monthly?

• A)$222.14
• B)$232.14
• C)$242.14
• D)$252.14
• E)$277.78

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Definitions:

Total Asset Turnover Ratio

A financial metric that measures the efficiency of a company's use of its assets in generating sales revenue.