Posted by **LEILA** on Wednesday, September 22, 2010 at 1:46pm.

Find the monthly payments for an ordinary annuity that will yield a future value of $122000 at % interest for 22 years.

payment

- MATH -
**MathMate**, Wednesday, September 22, 2010 at 5:06pm
Use the same formula as the other post:

For an annual payment P for n years at interest rate r, the value of the investment is

A=Pr^n+Pr^(n-1)+....Pr

=Pr(1+r+r²+...+rn-1)

=Pr(rn-1)/(r-1)

Here A=122000

n=22

r has not been supplied.

Solve for P.

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