Homework Answers
Step1:
We need to find the amount accumulated at the end of 13 years.
13th Year
14th Year: -305
15th Year: -305
16th Year: -305
17th Year: -305
18th Year: -305
Set the N as 5, Interest rate as 6%, FV = 0, PMT = -305 and calculate PV using excel.
Formula: PV(6%, 5, -305, 0) = 1284.77
13th Year: 1284.77
1st - 12 Year: Per month amount is to be calculated.
Set the N as 13, Interest rate as 6%, FV = -1284.77, PV = 0 and calculate PMT using excel.
Formula: PMT(6%, 13, 0, -1284.77)
The PMT i.e. the amount deposited per month comes to $68.04
Add Answer to:
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