Acme annuities recently offered an annuity that pays 4.7% compound monthly. What equal monthly deposit should be made into this

Question

e-lub [12.9K]

3 years ago

11

Acme annuities recently offered an annuity that pays 4.7% compound monthly. What equal monthly deposit should be made into this

annuity in order to have $92000 in 16 years?

Mathematics

1 answer:

Ksivusya [100] · Answer 1 · 2021-11-23T03:34:54+03:00

Ksivusya [100]3 years ago

4 0

Formula for Compound Interest

Amount = Principal * (1 + Rate/100)^Time
A = P * (1 + R/100)^T
P = A/((1 + R/100)^T) = 92000/((1 + 4.7/100)^16) = $44120.5503