Michael wants to have $63,000 in 9 years on a savings plan that requires monthly contributions.  If he can earn 7 percent APR with monthly compounding on the savings plan, what is the amount that he will have to invest every month for the next 9 years? Round it to two decimal places and do not include the $ sign, e.g., 1234.56.

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A: 2. The maximum  to contribute can be calculated as follows : Results obtained :

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A:

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A: the answer with complete calculation are as follows

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A: let payment be = A r=9% m=12 (monthly compounding) n =4 FVA = $8000

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A:

Q: In order to save $57,000 in five years, John will start saving money next month. He already has…

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A:

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