An annuity paying 6.36% compounded monthly is offered. To have $200,000 after 15 years, the monthly deposit needed is calculated. The formula to calculate the monthly deposit amount for an annuity paying interest compounded monthly is provided.
1. Annuity and Compound?
A bank recently offered an annuity that pays 6.36% compounded monthly. What equa
al monthly deposit should be made into this annuity in order to have $200,000 in
15 years? Following the answer, what formula should be used?
BEST ANSWER
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