Answers
Answer:
Every two Week Deposit P=400
Number of bi weeks in a year =26
So total number of deposit N=26*(80-40)=1040
Interest rate =6%
Bi weekly interest rate r=6%/26=0.2308%
Montly Interest rate R=6%/12=0.5%
Let X be the month payment
So Future Value of Deposit at 84th age = PV of monthly payment at 84th age
P*((1+r)^N-1)/r *(1+R)^48 =X/R
400*((1+0.2308%)^1040-1)/0.2308% *(1+0.5%)^48 = X/0.5%
X=$11002.91
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