Here, the deposits will be same every year, so it is an annuity. The future value of annuity is $30000. Here we will use the future value of annuity formula as per below:
FVA = P * ((1 + r)n - 1 / r)
where, FVA is future value of annuity = $30000, P is the periodical amount, r is the rate of interest = 2.5%. Monthly rate = 2.5% / 12 = 0.20833% and n is the time period = 9 * 12 = 108 months
Now, putting these values in the above formula, we get,
$30000 = P * ((1 + 0.208333%)108 - 1 / 0.20833%)
$30000 = P * ((1 + 0.00208333)108 - 1 / 0.00208333)
$30000 = P * ((1.0020833333)108- 1 / 0.002083333)
$30000 = P * (1.25202964433 - 1 ) / 0.002083333)
$30000 = P * (0.25202964433 / 0.002083333)
$30000 = P * 120.9742486342798
P = $30000 / 120.9742486342798
P = $247.99
So, the amount of money that we need to deposit each month is $247.99
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