Charles Moore Wants to Deposit an Equal Amount Each Month

question 13

Short Answer

Charles Moore wants to deposit an equal amount each month into an account that will pay 9% compounded monthly. If Charles wants to end up with a future value of $15,000 after 25 months, how much should he deposit each month? Use Tables 23-1A and 23-1B or a calculator.​

---

Definitions:

Overestimate

To estimate something to be greater, larger, or more important than it actually is.

Self-Actualization

The realization of one's potential and the development of self-awareness and personal growth.

Unconditional Positive Regard

An attitude of total acceptance and support towards another person, regardless of what they say or do, often considered important in therapeutic settings.

Empathy

The ability to understand and share the feelings of another person from their point of view.