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Suppose payments were made at the end of each month into an ordinary annuity earning interest

Suppose payments were made at the end of each month into an ordinary annuity earning interest at the rate of 4.5%/year compounded monthly. If the future value of the annuity after 12 years is $70,000, what was the size of each payment? (Round your answer to the nearest cent.) 

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Answer #1

Calculating Monthly Payment,

Using TVM Calculation,

PMT = [PV = 0, FV = 70,000, N = 144, I = 0.045/12]

PMT = $367.51

Monthly Deposit = $367.51

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