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On June 1, 2025, a person needs $11800. The person will make equal monthly deposits to...

On June 1, 2025, a person needs $11800. The person will make equal monthly deposits to an account which earns 10.75% compounded monthly. If the first deposit is made on June 1, 2010 and the last deposit is made on May 1, 2025, find the size of the required monthly deposits (rounded up to the next cent) in order to have the $11800 on June 1, 2025. $

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Answer #1
Calculation of Payment
Interest PA 10.75%
Interest Rate per Month(Rate) 0.8958%
Accumlated Amount (FV) $ 11,800.00
Period (NPER) = 15*12 = 180
June 1 , 2010 to June 1 ,2025
Payment Per Month(PMT) ($26.33)

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