Determine the periodic deposit. round to the nearest dollar. how much of the financial goal comes from deposits and how much comes from interest.

Question

Periodic deposit
%? at the end of each months

Rate
8.25% compounded monthly

Time
40 years

Financial goal
$1,500,000

Answer 1

i = .0825/12 = .006875
n = 480
payment = P

1500000= P(1.006875^480 - 1)/.006875

I get P = $399.58 or $400