Compound interest on annuity

Mathematics
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Bruce is saving money to open a Hispanic food franchise. He needs $15,000 in two years to make his down payment and is investing in an annuity yielding an annual interest rate of 7% compounded monthly. If the annuity requires that Bruce make monthly investments, what annuity payment must Bruce make to save $15,000?

Aug 19th, 2015

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ANNUITIES.docx SEET ATTACHED

Please let me know if you need any clarification. I'm always happy to answer your questions.
Aug 19th, 2015
Aug 19th, 2015

ANNUITIES.docx  This should be the correct formula. Since 15000 is the future value not present value.

Aug 19th, 2015

Let me work out with your formula and get back to you


Aug 19th, 2015

ANNUITIES.docx 

Sorry for all the inconvinience. See attached for final answer

Aug 19th, 2015

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