Charles Moore wants to deposit an equal amount each month into an account that will pay 9% compounded monthly. If Charles wants to end up with a future value of $15,000 after 25 months, how much should he deposit each month? Use Tables 23-1A and 23-1B or a calculator.

Question

Charles Moore wants to deposit an equal amount each month into an account that will pay 9% compounded monthly. If Charles wants to end up with a future value of $15,000 after 25 months, how much should he deposit each month? Use Tables 23-1A and 23-1B or a calculator.​

Quizplus · Accepted Answer

The Answer is $15,000 ÷ 27.38488 = $547.75 deposit required

Charles Moore Wants to Deposit an Equal Amount Each Month