document.write( "Question 542441: Find the monthly payment that will yield the given future value. (Round your answer to the nearest cent.)
\n" ); document.write( " $105,000 at 9 1/4% interest for twenty-nine years; ordinary annuity \n" ); document.write( "

Algebra.Com's Answer #354576 by Theo(13342) $\"\"$ $\"About$

You can put this solution on YOUR website!
your answer is:
\n" ); document.write( "$60.07842193 invested at the end of each month for 29 years will yield $105,000 at the end of that period of time.
\n" ); document.write( "i used a financial calculator.
\n" ); document.write( "you can also find the answer using the payment for a future month formula.
\n" ); document.write( "you would set the monthly interest rate at 9.25 / 12 = .770833333
\n" ); document.write( "you would set the number of time periods at 29 * 12 = 348.
\n" ); document.write( "the formula for payment of a future amount can be found in the following tutorial.
\n" ); document.write( "http://www.algebra.com/algebra/homework/Finance/PMTFV.lesson \n" ); document.write( "

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