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!

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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!      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (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