Williamsburg Nursing Home is investing in a restricted fund for a new assisted-living home that will...
Williamsburg Nursing Home is investing in a restricted fund for a new assisted-living home that will cost $6 million. How much money do they need to invest each year to have $6 million in fifteen years? If the expected rate of return on the investment is 12%, and the hospital invests at the end of each year? (Round to the nearest dollar - no dollar sign or commas)
Homework Answers
Yearly payments to the fund have been calculated using the PMT function as follows:
=PMT(rate,nper,pv,fv)
=PMT(12%,15,0,6000000)
=160945.44
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