You decide to make regular deposits every month into an account that earns 3% annual interest, compounded monthly. You hope to have $28000 at the end of 22 years. What is the amount of the regular payment you need to make?

Question

help

Answer 1

This, like your previous post, is a direct application of the basic formula.
You MUST know these formulas.

amount = paym( (1+i)^n - 1)/i
for yours: i = .03/12 = .0025 , n = 22*12 = 264
paym( 1.0025^264 - 1)/.0025 = 28000

solve for paym

let me know what you get, to make sure you understand how to calculate this.

Answer 2

What would the final answer be?

Answer 3

I want YOU to do it. Good grief, I gave you the method.

Giving you the "answer" will teach you absolutely nothing, and you will have
learned nothing.

Answer 4

would this be correct?
373.27977686
=
28000

Answer 5

Nope,
How did you possible get that ???