SOLUTION: how much do you need to invest per month into an annuity to save $15,000 at 8% annual interest in 5 years?

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Question 840557: how much do you need to invest per month into an annuity to save $15,000 at 8% annual interest in 5 years?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
how much do you need to invest per month into an annuity to save $15,000 at 8% annual interest in 5 years?
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A(t) = P(1+(r/n))^(nt)
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15000 = P(1.08)^5
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P = 15000/(1.08)^5 = $10,208.75
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Cheers,
Stan H.
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