Chapter 10.6, Problem 15E

In Exercises 13-16, use the sinking fund formula

$p=\frac{A\left(\frac{r}{n}\right)}{{\left(1+\frac{r}{n}\right)}^{\left(n\cdot t\right)}-1}$

to determine the payment needed to reach the accumulated amount. To ensure that enough is invested each period, round each answer up to the next cent.

15. Monthly payments with a 6% interest rate compounded monthly for 35 years to accumulate $250,000