SOLUTION: Determine the yearly periodic deposit needed to reach a financial goal of $150,000 at a rate of 5% annually for a time of 18 years? thank you!

SOLUTION: Determine the yearly periodic deposit needed to reach a financial goal of $150,000 at a rate of 5% annually for a time of 18 years? thank you!

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Question 230839: Determine the yearly periodic deposit needed to reach a financial goal of $150,000 at a rate of 5% annually for a time of 18 years?
thank you!
Answer by rfer(16322) (Show Source): You can put this solution on YOUR website!
P=(FV*i)/(1+i)^n-1
P=(150000*.05)/((1+.05)^18)-1
P=(7500/2.41)-1
P=3112.03-1
p=$3111.03
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