Mathematics, 03.09.2019 03:30 YwnDerek
Reuben has always dreamed of opening a café by the seaside. he decides he will save to open the café by depositing money in an ordinary annuity that earns 5.4% interest, compounded monthly. deposits will be made at the end of each month. how much money will he need to deposit into the annuity each month for the annuity to have a total value of $24,000 after 9 years? do not round intermediate computations, and round your final answer
Answers: 2
![FV=\frac{P\times \left [ \left ( 1+r\right )^n-1\right ]}{r}](/tpl/images/0221/6269/26991.png)
![24000=\frac{P\times \left [ \left ( 1+0.0045\right )^{108}-1\right ]}{0.0045}](/tpl/images/0221/6269/0c41d.png)
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