This post addresses monthly payments compounded monthly.
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You are prepared to make monthly payments of 340, beginning at the end of this month into an account that pays 6% interest compounded monthly. How many payments will you have made when your account balance reaches $20,000.
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Solution Summary
The solution provides the correct calculations needed to determine how many payments you will have made by making monthly payments of 340, beginning at the end of this month into an account that pays 6% interest compounded monthly. This solution is written based on 25+ years of professional accounting and finance experience.
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