Assuming this is interest compounded monthly, and payments are made
at the end of the month ...
i = .07/12 = ..0058333...
n = 48
paym = ??
paym(1.0058333..^48 - 1)/
00583333... = 4800
paym(55.20923....) = 4800
paym = $ 86.94
Zorro needs $4800 in 4 years. How much should he deposit each month in an account that
pays 7% in order to achieve his goal?
1 answer
1 answer