a wealthy benefactor has donated $1,000,000 to establish a perpetuity that will be used to support the operating costs of a local heritage museum to open in three years' time. If the funds earn 4.8% compounded monthly, what monthly payments, the first occurring three years from now, can the museum expect?
- jackLv 71 decade agoFavorite Answer
i/y = ( 4.8% / 12 ) instead, and
c/y = 36 instead
Hope can help you.
2008-11-27 16:47:13 補充：
4.8% compounded = (4.8% / 12) every month.
Calculate the interest every month instead of annually.