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?
1 answer:
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
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