$100000 Is Deposited at the End of Every Month into an Account

question 59

Essay

$1000.00 is deposited at the end of every month into an account earning 6.00% compounded monthly. If the balance in the account five years after the last deposit is to be $50 000.00, how many deposits are needed?

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Definitions:

Bonuses

Monetary rewards offered by companies for exceptional performance as incentives to further increase productivity.