Answer:
Monthly deposit= $489.59
Step-by-step explanation:
Giving the following information:
Future Value (FV)= $180,000
Number of periods (n)= 18*12= 216
Interest rate (i)= 0.055 / 12= 0.004583
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= (180,000*0.004583) / {[(1.004583)^216] - 1}
A= $489.59
