http://www.decisionaide.com/savings2in1/...
I get 103.82 for the monthly deposit. See if that works in the formula for T.
I can see one problem in your calculations: There is a missing ( in the numerator of your version of the formula, which carries over into the calculation you worked out. That will make your answer wrong. The key is figuring out where to insert the missing piece.
hope this helps. Good luck!
My teacher did not teach us anything about interest and just gave us homework. It is really hard to understand?
USE THE FORMULA TO SOLVE THE FOLLOWING : Total = D*(1+R/12)^12*T -1) / R/12
Suppose your parents wanted you to become a millionaire when you retire so on the day you were born they opened an investment account of which they would begin depositing money each month. If they could get an investment that earned 6% per year, how much would they have to put in each month to make you a millionaire if you retired on your 65th birthday?
FINDING: Deposit each month. (This is how much you would deposit each month until your 65th birthday
This is what I did.
1,000,000=D*(1+.06/12)^780 -1) / .06/12
What am I doing wrong? :(
