Determine the Monthly Payment Necessary to Accumulate $30,000 in a Fund

question 49

Multiple Choice

Determine the monthly payment necessary to accumulate $30,000 in a fund paying 6% per year, compounded monthly, for 8 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent. ​

• A)$244.24 per month
• B) $220.71 per month
• C) $281.72 per month
• D) $286.72 per month
• E) $186.89 per month

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