Answer:
$27,692.31
Explanation:
Principle amount = $2.34 million = $2,340,000
Time, n = 6 years = 72 months
Rate of interest = 5.33%
Monthly rate of interest, r = 5.33% ÷ 12 = 0.44% = 0.0044
Compounded monthly
FV of Annuity = ( Monthly deposits ) × { [ ( 1 + r )ⁿ - 1 ] ÷ r }
or
$ 2,340,000 = ( Monthly deposits ) × { [ ( 1 + 0.0044 )⁷² - 1 ] ÷ 0.0044 }
or
$2,340,000 = ( Monthly deposits ) × { [ 1.3718 - 1 ] ÷ 0.0044 }
or
$2,340,000 = ( Monthly deposits ) × [ 0.3718 ÷ 0.0044 ]
or
$2,340,000 = ( Monthly deposits ) × 84.5
or
Monthly deposits = $27,692.31
