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4 March, 13:30

John wants to travel to Iceland he will need to have $20409, he wants to go in 15 years. how much must he deposit monthly into an account that pays 1.80% compounded interest monthly

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  1. 4 March, 16:20
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    Answer: 203.4

    So, he has a dream to go to Iceland sometime. He would need to deposit a minimum of $203/month. To get this answer we need to take 20409 : 180 (180 is the amount on months in 15 years.) And multiply that by the equanimity equation (y=2/5=6)
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