SOLUTION: How much would you need to deposit in an account at the end of each month in order to have $20,000 in the account in 8 years? Assume the account earns 8% annual interest compounded
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Question 1202514: How much would you need to deposit in an account at the end of each month in order to have $20,000 in the account in 8 years? Assume the account earns 8% annual interest compounded monthly.
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
i get 149.40 deposited at the end of each month.
interest rate is 8% / 12 = .666666666.....% per month.
number of months is 8 years * 12 = 96 months.
here are the results using the calculator at https://arachnoid.com/finance/
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