Question
You plan to complete a postgraduate degree within 4 years until you finish high school, and you want to make a savings fund of Β’4,000,000.00 to cover the value of this, a financial institution offers you an interest rate of J (12) = 12% , it is requested: Calculate the amount you will have to deposit monthly to achieve the goal
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Answer to a math question You plan to complete a postgraduate degree within 4 years until you finish high school, and you want to make a savings fund of Β’4,000,000.00 to cover the value of this, a financial institution offers you an interest rate of J (12) = 12% , it is requested: Calculate the amount you will have to deposit monthly to achieve the goal
Clarabelle
4.794 Answers
1. Determine the monthly interest rate:
i = \frac{12\%}{12} = 0.01
2. Determine the number of periods (4 years x 12 months):
n = 4 \times 12 = 48
3. Apply the formula for the future value of an ordinary annuity to find the monthly payment (\(PMT\)):
PMT = \frac{FV \cdot i}{(1 + i)^n - 1}
4. Substitute the known values into the formula:
PMT = \frac{4000000 \cdot 0.01}{(1 + 0.01)^{48} - 1}
5. Calculate the expression:
PMT \approx 71539.67
2. Determine the number of periods (4 years x 12 months):
3. Apply the formula for the future value of an ordinary annuity to find the monthly payment (\(PMT\)):
4. Substitute the known values into the formula:
5. Calculate the expression:
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