the periodic paymer necessary tő accumu the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 5% per year, with monthly payments for 5 years, it the fund contains $10,000 at the start PMT = $

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Find the periodic payments PMT necessary to accumulate the given amount
in an annuity account. (Assume end-of-period deposits and compounding at
the same intervals as deposits. Round your answer to the nearest cent.)
$30,000 in a fund paying 5% per year, with monthly payments for 5 years, if
the fund contains $10,000 at the start
PMT = $
Transcribed Image Text:Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.) $30,000 in a fund paying 5% per year, with monthly payments for 5 years, if the fund contains $10,000 at the start PMT = $
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We use PMT function in excel to calculate monthly payments 

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