document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1198906>Question 1198906</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Assume that you want to have $ 1900 saved in a sinking fund in 1 year. The account pays 3.5% compounded monthly. What should be your monthly payments?<BR>\n" );
document.write( "Monthly Payment = </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #837719 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=837719\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> FV = PMT * (((1 + r/n)^(nt) - 1)/(r/n))\r<BR>\n" );
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document.write( "where FV is the future value ($1900), PMT is the monthly payment , r  interest rate (3.5%), n is  12 monthly compounding, and t is the number of years =1.\r<BR>\n" );
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document.write( "Plug in the values\r<BR>\n" );
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document.write( "1900 = PMT * (((1 + 0.035/12)^(12*1) - 1)/(0.035/12))\r<BR>\n" );
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document.write( "Solving for PMT, we get:\r<BR>\n" );
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document.write( "PMT = $157.29\r<BR>\n" );
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document.write( ".<BR>\n" );
document.write( " </SPAN>\n" );
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