Find the Periodic Payment R Required to Accumulate a Sum

question 40

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. Please round the answer to the nearest cent.
S = ; r = ; t = ; m = R = $__________

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Definitions:

Infertility

The inability to conceive a child after trying for a significant amount of time or the inability to carry a pregnancy to full term.

Semi-open Adoption

A type of adoption where there is some level of contact or exchange of information between the adoptive and biological parents, but direct communication is typically mediated or facilitated through a third party.

Biological Parent

A parent who has contributed to the genetic constitution of a child.

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.