Answer:
Explanation:
The $35,000 that will be needed in 3 years is a future value (FV).
This is an ordinary annuity, and it is asking for the recurring payment (PMT)
Using a financial calculator, input the following;
Future value; FV = 35,000
Total duration ; N = 3*12 = 36 months
Interest rate; I = 3.4%/12 = 0.2833%
One time present cashflow; PV = 0
then compute recurring payment ; CPT PMT =924.86
