Asked by marie
Determine the periodic deposit. round to the nearest dollar. how much of the financial goal comes from deposits and how much comes from interest.
Periodic deposit
%? at the end of each months
Rate
8.25% compounded monthly
Time
40 years
Financial goal
$1,500,000
Periodic deposit
%? at the end of each months
Rate
8.25% compounded monthly
Time
40 years
Financial goal
$1,500,000
Answers
Answered by
Reiny
i = .0825/12 = .006875
n = 480
payment = P
1500000= P(1.006875^480 - 1)/.006875
I get P = $399.58 or $400
n = 480
payment = P
1500000= P(1.006875^480 - 1)/.006875
I get P = $399.58 or $400