Homework Answers
First,
Convert interest rate of 4.58% compounded monthly to annual compounding
Interest rate with annual compounding = (1 + 0.0458/12)12 -1
Interest rate = 4.677%
Period = 48 months
Future value = $12,555
Using TVM calculation,
PMT = [PV = 0, FV = 12555, R = 4.677, T = 48]
PMT = $238.37
So, $238.37 invested monthly for 4 years will result in $12,555 after 4 years.
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