Question

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

Answer 1

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)