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Investment account periodically

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Solve the following problem using the formula.

Please round intermediate calculations to 4 decimal places as done in class.

Holmes reportedly paid $9,000,000 to get her boyfriend Lamar ("Hot Sauce") McDow out of jail. You may think he is a lucky fellow, but you could accumulate that amount over a period of 20 years by putting aside equal amounts every month. Luckily for you, the historic return on the DJIA over any 20 year period is about 10%.  How much would you need to put in your investment account periodically?

Reference no: EM132288985

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