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What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if...

Question

What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if...

What monthly deposit must be made in order to accumulate 82,228 dollars in 12 years if a fund pays 8% per year, compounded monthly? Assume that deposits are made at the end of each month.

Answers

ANSWER:

I = 8% PER YEAR OR 8% / 12 PER MONTH

N = 12 YEARS OR 12 * 12 = 144 MONTHS

FV = $82,228

Monthly deposit = fv(a/f,i,n) = 82,228(a/f,8%/12,144) = 82,228 * 0.0042 = 341.89

so the monthly deposit is $341.89


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