(1 point) Sally has a sum of $28000 that she invests at 9% compounded monthly. What equal monthly payments can she receive over a period of a) 7 years? Answer = $ b) 8 years? Answer = $
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The formula for the future value of an investment compounded monthly is: $FV = P(1 + \frac{r}{n})^{nt}$ Where: - $FV$ is the future value of the investment - $P$ is the principal amount (initial investment) - $r$ is the annual interest rate (as a decimal) - $n$ Show more…
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