To achieve his goal of paying off $430,000 in 10 years, Rob Herndon needs to make $34,186.97 at 5% compounded annually.
<h3>What is a future value?</h3>
A future value refers to a value on a future date based on an assumed growth rate of interest over time.
The future value can be determined using the FV formula or table.
We can also compute the future value using an online finance calculator as follows:
<h3>Data and Calculations:</h3>
N (# of periods) = 10 years
I/Y (Interest per year) = 5%
PV (Present Value) = $0
FV (Future Value) = $430,000
<u>Results:</u>
PMT = $34,186.97
Sum of all periodic payments = $341,869.70
Total Interest= $88,130.30
Thus, for Rob Herndon to achieve his goal of paying off $430,000 in 10 years, he needs to make $34,186.97 at 5% compounded annually.
Learn more about Calculating Future Values at brainly.com/question/24703884
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