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a. Your timeline b. Problem Type: FVA PMT c. Solution: $10,000 x FVA factor (6%/12, 5*12)...

a. Your timeline b. Problem Type: FVA PMT c. Solution: $10,000 x FVA factor (6%/12, 5*12) = FVA answer $10,000 x 69.77 = $143.33

  1. Linda wants $8,000 in 5 years. How much must she save each month if the account were to earn 9%?
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Answer #1

Future value required for Linda = $8,000 Term 5 Years * 12 60 Months Interest rate-900 * 1/12-0.75% Per month Future value requiredFuture value of monthly payments $8,000-Monthly payment * FVÍFA(0.75%, 60) $8,000Monthly payment 75.42414 Monthly payment S8,000/75.42414 -$106.0668 =$106 (Rounded) Note : FVIFAI,n(1+In-11/I

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