Question

Sally has a sum of $26000 that she invests at 9% compounded monthly. What equal monthly payments can she receive over a period of
a) 9 years?
b) 7 years?

Answer 1

i = .09/12 = .0075

a) n = 9(12 = 108
pmt( 1 - 1.0075^-108)/.0075 = 26000
pmt = $352.12

b) I will assume you know what changes to make for b)

Answer 2

Thank you, Yes I can do B from here.