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3 years ago

In order to have 6,000,000 in 40 years with a 5.75% rate. how much should be deposited each month?

Mathematics

1 answer:

PSYCHO15rus [73]3 years ago

4 0

Answer:

Step-by-step explanation:

This is an Annuity question. It is asking for recurring monthly payment(PMT). You can use a financial calculator to solve it. I am using (Texas Instruments BA II plus)

Since the payments occur monthly , adjust the interest rate to monthly rate and multiply 40 years by 12 since we have 12 months in a year.

Total duration of investment ; N = 40*12 = 480

Interest rate; I/Y = 5.75% /12 = 0.4792%

Future value; FV = 6,000,000

Present value ; PV = 0

then CPT PMT = 3,222.912

Therefore $3,222.91 should be deposited each month to achieve the goal.

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the answer is

the x-intercepts are the points $(3,0)$ and $(-5,0)$

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