Find the periodic payments PMT necessary to accumulate

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Reference no: EM131983367

Find the periodic payments PMT necessary to accumulate the given amount in an annuity account. (Assume end-of-period deposits and compounding at the same intervals as deposits. Round your answer to the nearest cent.)

$20,000 in a fund paying 5% per year, with monthly payments for 5 years, if the fund contains $10,000 at the start

PMT = ?

Btw, I would really like to know how to solve this using an online calculator. Or, even better, how would I solve this using Excel? Is there an Excel function that simplifies this?

Reference no: EM131983367

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