Mathematics, 19.01.2020 21:31, ezelle
Person is planning to open a savings account with the intent to buy a house in 8 years. they will invest an equal amount each month for 8 years. the account will earn 9% annually and will have $45 at the end of the 8 years. what amount is the monthly investment.
Answers: 2
![FV=P[ \frac{(1+i)^{t} -1}{r}]](/tpl/images/0461/9902/7f613.png)
is the future value
is the periodic payment
is the monthly interest rate in decimal form
is the number of months
![450,000=P[ \frac{(1+0.0075)^{96} -1}{0.0075}]](/tpl/images/0461/9902/7b7b5.png)
![450,000=P[ \frac{(1.0075)^{96} -1}{0.0075}]](/tpl/images/0461/9902/ebc93.png)
![P=450,000/[ \frac{(1.0075)^{96} -1}{0.0075}]](/tpl/images/0461/9902/26264.png)
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Person is planning to open a savings account with the intent to buy a house in 8 years. they will in...
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