msteresalyn1 msteresalyn1

01-07-2017
Mathematics

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Use the future value formula to find the indicated value. FV = $ 5330 n=24; i=0.08; PMT=? PMT=$ (round to the nearest cent)

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mathmate mathmate

03-07-2017

The future value formula:
F=A((1+i)^n-1)/i =>
A=F*i/((1+i)^n-1) where A=annual (period) payment, i=0.08, n=24 years (or periods), and F=5330
=5330*0.08/(1.08^24-1)
=82.83
Check:
F=82.83((1.08^24-1)/.08
=5530.125 ok.

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