Monthly deposits are made into an account paying

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Monthly deposits are made into an account paying 6% nominal interest compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the 5th yr, what is the amount of each deposit? Provide answer without $ sign or comma with precision to the nearest cent

Reference no: EM13690251

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Monthly deposits are made into an account paying : Monthly deposits are made into an account paying 6% nominal interest compounded monthly. If the objective of these deposits is to accumulate $100,000 by the end of the 5th yr, what is the amount of each deposit?

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