Answer:
Monthly deposti= $600.79
Step-by-step explanation:
Giving the following information:
Future Value (FV)= $15,000
Number of periods (n)= 2*12= 24 months
Interest rate (i)= 0.041/12= 0.00342
To calculate the monthly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (15,000*0.00342) / [(1.00342^24)-1]
A= $600.79
