Makes his first monthly investment today

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Reference no: EM131528485

Two years ago James invested $8,800 in a security that has earned and is expected to continue to earn 3.6 percent per year compounded annually and that will pay investors in 8 years from today. John wants to have as much money as James in 8 years from today. How much would John need to invest every month for 8 years if he makes equal monthly investments, he makes his first monthly investment today, and he can earn 0.2 percent per month on his investments? A. $118.32 B. Answer not listed or not possible. C. $130.55 D. $118.56 E. $2,782.57

Reference no: EM131528485

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