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Answer:
Ans. the present value of $1,300/month, at 6.4% compounded monthly for 360 months (30 years) is $207,831.77
Step-by-step explanation:
Hi, first, we have to turn that 6.4% compound monthly rate into an effective rate, one that meets the units of the payment, in our case, effective monthly, that is:
Therefore, our effective monthly rate is 0.5333%, and clearly the time of the investment is 30 years*12months=360 months.
Now, we need to use the following formula.
Everything should look like this.
Therefore
Best of luck.