Kenny opened a sinking fund account and hopes to accumulate $16,000 in 25 months. The yearly interest rate is 7.8%. How much should he invest per month to reach his goal?

Question

Would the answer be 591.58?

Answer 1

i = .078/12 = .0065
n = 25
payment --- P

P( 1.0065^25) - 1)/.0065 = 16000
on my calculator ...
P = 591.48