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Rose wants to buy a second home that will eventually become her retirement home and does not want a mortgage to finance this second home.
Rose wants to buy a second home that will eventually become her retirement home and does not want a mortgage to finance this second home. She plans to spend approximately $134,220 in 6 years on this purchase. She has two zero-coupon bonds that mature in 6 years each with cash values of $1,581.24 and face values of $2,500. In 6 years, she will use them as part of her $134,220. What is Rose's required monthly deposit at the beginning of each month in order to accumulate the $134,220 she needs to buy her home at an assumed interest rate of 13.74% on her investment?
