Asked by Jessica
Diego contributes to a money market account that earns 4.8% annual interest. What should his monthly payment be if he wants to accumulate $210,000 in 30 years?
Thank you so much!!
Thank you so much!!
Answers
Answered by
Steve
Just plug your numbers into your FV annuity formula, and you get
P((1 + .048/12)^(12*30)-1) / ((1 + .048/12) - 1) = 210000
P = 261.80
P((1 + .048/12)^(12*30)-1) / ((1 + .048/12) - 1) = 210000
P = 261.80
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