Jessica wants to accumulate $15,000 by the end of 6 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 6-yr period. If the bank pays interest at the rate of 8% per year compounded monthly,

How much does she have to deposit each month into her account?

Answer rating: 100% (QA)

FV PMT x 1 rnnt 1rn Where FV future value of the annuit... View the full answer