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1 answer:
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Answer:
$1,709.00
Step-by-step explanation:
First, let's convert the annualy interest rest (ia) to monthly(im):
(1 + im)¹² = 1 + ia
(1 + im)¹² = 1 + 0.04
(1 + im) =
im = 1.0033 - 1
im = 0.0033 = 0.33%
For an investiment, the final amount (A) can be calculated by:
Where R is the amount invested per month, i is the interest, and n the number of months
n = 40*12 = 480 months
2,000,000 = R*((1+0.0033)⁴⁸⁰ - 1)/0.0033)
2,000,000 = R*1,170.22
R = $1,709.00