Joe won a lottery prize of $200,000. He invested the entire amount and expects a yearly return of 10% per annum compounded monthly on her investment. Joe will receive 150 equal monthly payments with the first payment due to be paid to her in exactly 2 years. Find the size of the monthly payments that Joe will receive.
Amount Accumulated till 2 year = PV*(1+r)^n r = 10%/12 n = 2*12 = 24 Amount Accumulated till 2 year =... View the full answer