On September 30,2003,Elie started to deposit a sum in a savings and loan association that offers 12% interest compounded monthly.She repeatedly made monthly deposits of the same size until Jan. 30,2006.She allowed the fund to earn interest without making further deposits until June 30,2006 when the fund accummulated to $205,950.What is the size of monthly deposit?
2007-02-21 04:34:26 · 3 answers · asked by desperate lady 1 in Education & Reference ➔ Homework Help
Step 1: FV = $205,950; n = 5; i = 1%; PV = $195,954.36
Step 2: FV = $195,954.36; n = 29; i = 1%; PMT = $5,858.06
2007-02-21 10:00:56 · answer #1 · answered by Jamestheflame 4 · 0⤊ 0⤋
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2015-02-11 12:05:14 · answer #2 · answered by Inesita 1 · 0⤊ 0⤋
Very informative and gives me better insight on the subject
2016-08-23 18:49:56 · answer #3 · answered by Anonymous · 0⤊ 0⤋