How much will you have to save each month to have $6,000 in two years if...
How much will you have to save each month to have $6,000 in two years if the interest rate is 18% compounded monthly?
$398.01
$209.54
$476.59
$299.54
Homework Answers
$209.54
| Saving each month | = | Future Value of cash flows | / | Future Value of annuity of 1 | ||||
| = | $ 6,000 | / | 28.63352 | |||||
| = | $ 209.54 | |||||||
| Working: | ||||||||
| Future Value of annuity of 1 | = | (((1+i)^n)-1)/i | Where, | |||||
| = | (((1+0.015)^24)-1)/0.015 | i | = | 18%/12 | = | 0.015 | ||
| = | 28.633521 | n | = | 2*12 | = | 24 | ||
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