What Amount Today Will Provide Payments of $1,500 at the End

question 141

Short Answer

What amount today will provide payments of $1,500 at the end of each month starting in 10 years, if the principal amount is to remain untouched, and money can earn 4.85% compounded quarterly?

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Definitions:

Maintenance and Repair

Activities aimed at keeping machinery, equipment, or systems in working order and restoring them to proper condition when they malfunction or deteriorate.

Income

Money received, especially on a regular basis, for work or through investments, vital for determining an individual's or household's economic status.

People

Human beings collectively, often referred to in the context of society, communities, or demographics.

Planet

A celestial body orbiting a star or stellar remnant that is massive enough to be rounded by its own gravity, not massive enough to cause thermonuclear fusion, and has cleared its neighboring region of planetesimals.