Using a Financial Calculator,
FV = $700,000
PV = $0
N = 20 years = 20 * 12 = 240 months
I/Y = 10 = 10/12 = 0.8333
after feeding in the above data, press CPT and PMT
Therefore, PMT = $921.8182
a) Implying that the amount needed to be deposited per month = $921.82
Total Investment = Amount deposited per month * Total number of months
= 921.82 * 240
= $221,236.36
FV = Total Investment + Interest
700000 = 221236.36 + Interest
Therefore, Interest = 700000 - 221236.36
b) Interest = $478,763.63
nuities and Loans Youve already done this problen. Score on last attempt 0 out of 1...
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