Determine the Monthly Payment Necessary to Accumulate $40,000 in a Fund

question 136

Short Answer

Determine the monthly payment necessary to accumulate $40,000 in a fund paying 8% per year, compounded monthly, for 6 years. (Assume end-of-period deposits and compounding at the same intervals as deposits.) Round your answer to the nearest cent.
​
$__________ per month

---

Definitions:

Orchidotomy

A surgical procedure involving the removal of one or both testicles.

Hydrocele

A fluid-filled sac around a testicle, often leading to swelling of the scrotum, usually painless and common in newborns.

Phimosis

A condition where the foreskin of the penis cannot be pulled back over the glans penis, potentially requiring medical attention.

Parenchyma

The functional tissue in an organ, as distinguished from the connective and supporting tissue.