Answer:
$1666.75
Explanation:
You want to know the monthly annuity payment required to have a balance of $330,000 after 11 years, if the account is earning 7% interest.
Ordinary annuity
The value of an ordinary annuity with monthly payments of P earning interest at rate r per year for t years is ...
A = P(12/r)((1 +r/12)^(12t) -1)
Then the payment is ...
P = A(0.07/12)/((1 +0.07/12)^132 -1) ≈ 1666.75
We must invest $1666.75 each month to build a balance of $330,000 in 11 years.
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Additional comment
Many calculators and all spreadsheets have the necessary financial functions to do this computation.
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