Your goal is to have $10,000 in your bank account by the end of 15 years. If the interest rate remains constant at 3% and you want to make annual identical deposits, how much will you need to deposit in your account at the end of each year to reach your goal? (Note: Round your answer for PMT to two decimal places.)

the pmt is $537.67

Explanation:

The computation of the PMT amount is given below;

Given that

FV = $10,000

PV = $0

NPER = 15 years

RATE = 3%

The formula is shown below:

= PMT(RATE, NPER,PV,FV,TYPE)

AFter applying the above formula, the pmt is $537.67

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