Answer:
You will need to contribute $2,856.55 at the beginning of each period to reach the future value of $23,000.00.
Explanation:
Future value of investment = $23,000
Number of period = 7 years
Interest rate = 3.5% compounded annually
Using an online finance calculator:
FV (Future Value) $23,000.01
PV (Present Value) $18,077.80
N (Number of Periods) 7.000
I/Y (Interest Rate) 3.500%
PMT (Periodic Payment) $2,856.55
Starting Investment $0.00
Total Principal $19,995.82
Total Interest $3,004.19
