g Use the appropriate formula to determine the periodic deposit. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate Time Financial Goal $? at the end of each month % compounded monthly years $

Question Completion:

Periodic Deposit = ?

Rate = 7% compounded monthly

Time = 19 years

Financial Goal $120,000

a) The periodic deposit = $253.03

b) Amount of financial goal from deposits = $57,691.30

c) Amount of financial goal from interest = $62,308.71

Explanation:

You will need to contribute $253.03 at the end of each month to reach the future value of $120,000.00.

FV (Future Value)$120,000.00

PV (Present Value)$31,860.39

N (Number of Periods)228.000  (19 * 12 months)

I/Y (Interest Rate)0.583%  (7%/12)

PMT (Periodic Payment)$253.03

Starting Investment$0.00

Total Principal$57,691.30

Total Interest$62,308.71

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