Find the Periodic Payment R Required to Accumulate a Sum

question 28

Short Answer

Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent.
S = 30,000, r = 5, t = 8, m = 2
R = $__________

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Definitions:

Benchmarking

The act of measuring a company's operations and performance indicators against the industry's highest standards or optimal practices.

Industry Average

The standard or average benchmark of performance, costs, or pricing for businesses within a specific industry.

Competitive Average

A benchmarking tool that compares a company's performance metrics with those of its competitors to identify areas for improvement.

Pro Forma Financial Statements

Financial statements that project what a firm’s financial condition will be in the future.