Help is Here, a wrecker company, will soon need to purchase a new wrecker. The company anticipates needing $35,000 in 3 years. Their credit union offers an account that pays 3.4% per year compounded monthly for 36 months. Find the monthly payment needed to accumulate the desired sum.

1)  B. Future value of an annuity

2)  E. 924.86

Explanation:

This question is divided into two

The first is to determine what kind of value from the following

A. Present value with compound interest

B. Future value of an annuity

C. Present value of an annuity

D. Amortization

E. Sinking Fund

The second question is to find the monthly payment

A.986.78

B. 724.94

C. 1003.78

D.872.46

E. 924.86

Solution

1) since the company needs the $35,000 in 3 years, it means the rate to calculate for is the Future Value of an Annuity and this will be used for determining the monthly payment in the second question

2)First, what is the formula for the Future Value of an annuity

= FV=P[((1+r)^n - 1)/ r]

Where

FV= The future value = $35,000

r= rate = 3.4%  per year.

Since, it is compounded monthly, the monthly rate = 3.4%/ 12 = 0.2833%

n = 36 months

and P is the monthly payment required

Therefore,

We solve finding the value of P

= 35000=P[((1.002833)^36 - 1)/ 0.002833]

= 924.86

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