Question
In: Finance
You're prepared to make monthly payments of $320, beginning atthe end of this month, into...
You're prepared to make monthly payments of $320, beginning at the end of this month, into an account that pays 9 percent interest compounded monthly. How many payments will you have made when your account balance reaches $20,260?
Solutions
Expert Solution
PMT = -320
I/Y = 9/12 = 0.75
PV = 0
FV = 20260
CPT N
N = 52
We would have made 52 payments
jeff jeffy answered 2 years agoRelated Solutions
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Multiple Choice
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Monthly information is as follows: Beginning of month End of month
Monthly information is as
follows:
Beginning of month End
of month
Work in
process Inventory:
1,000 units 4,000
units
Conversion: degree of completion in WIP
60%
40%
Direct
Material Costs in Beginning WIP
$ 8,100
?
Conversion Costs in Beginning
WIP
$11,300
?
During the month: Costs incurred
for Direct Materials
$27,975
Costs incurred for Conversion
$27,235
At month
end:
2,860 good units were completed, 140 units...
Monthly information is as follows: Beginning of month End of month
Monthly information is as
follows:
Beginning of month End
of month
Work in
process Inventory:
1,000 units 4,000
units
Conversion: degree of completion in WIP
60%
40%
Direct
Material Costs in Beginning WIP
$ 8,100
?
Conversion Costs in Beginning
WIP
$11,300
?
During the month: Costs incurred
for Direct Materials
$27,975
Costs incurred for Conversion
$27,235
At month
end:
2,860 good units were...
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