Currently, I have $2,500 in my bank account that pays 6% APR with monthly compounding. In...

Currently, I have $2,500 in my bank account that pays 6% APR with monthly compounding. In order to have $12,000 in this account in 5 years, how much money should I add to this account each month starting from next month?

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Expert Solution

Calculations-

As no method was mentioned I have solved the problem using excel function.

Please upvote if the answer is helpful.In case of doubt,do comment.Thanks.

jeff jeffy answered 1 year ago

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