A man wants to accumulate a 5350000 retirement fund

Finance Aug 28, 2020

A man wants to accumulate a 5350000 retirement fund. He plans to make the first payment on Jun 1, 1984, and the last on September 1, 2005. Find the size of each deposit if he makes the deposit monthly rate J12-12% O a. 5290.96 O b. $327.77 O 512,975.72 O d. $287.84

Expert Solution

We see that the monthly deposits=PMT(12%/12,256,0,-PV(12%/12,1,0,-350000),1)
=290.96

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