|
Deposit Required to Accumulate a Specific Amount |
|
|
|
|
Deposit Required to Accumulate a Specific Amount |
|
|
Deposit Required to Accumulate a Specific Amount
|
Deposit Required to Accumulate a Specific Amount |
|
|
|
|
Deposit Required to Accumulate a Specific Amount |
|
|
What is the monthly savings required to accumulate $20,000 in 15 years at 6% interest?
Use the following values for the prompts:
Prompt |
Value |
|
Type of Fund |
Future Value |
|
Current Account Value |
0 |
|
Type of Deposits |
Level Deposits |
|
# of Deposits/Year |
12 |
|
Amount of Each Deposit |
Do not enter value |
|
Deposits Made at |
End of Period |
|
Rate of Return |
6 |
|
# of Years |
15 |
|
Future Value |
20000 |
Place the cursor on the Amount of Each Deposit prompt and click on the 'Calculate Cursor Line' button.
The deposit required is $69.71