Question

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 8%/year compounded monthly. If the future value of the annuity after 14 yr is $70,000, what was the size of each payment? (Round your answer to the nearest cent.)

Answer 1

This time your formula is

Amount = paym( (1+i)^n - 1]/i

give it a try, following the steps I used in your previous post.
(If you are studying this topic, you should be able to do these type of questions, they are routine questions.)