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Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded...

Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded monthly, for 8 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.

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Answer #1
We have to use financial calculator to solve this
put in calculator -
FV 30000
PV 9
I 6%/12 0.50%
N 8*12                                      96
compute PMT ($244.36)
Therefore monthly payment required = $244.36
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