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Math Help - [SOLVED] Simple Annuities

  1. #1
    Ife
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    [SOLVED] Simple Annuities

    I am getting confused with the calculation for this. what i am seeing of similar examples i can't seem to calculate to get the same answer. Can i please get some help?

    A couple wishes to accumulate $45,000.00 in 2 yrs. They make equal monthly deposits, beginning Jan 1st, 2007. If interest is paid at a rate of J_{12}=9.75%, What is their monthly deposit?
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  2. #2
    Ife
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    Ok i have been looking again, and i may have got it. Is this correct?

    45000 = (1.008125) (26.382) x
    x = 1691.96
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    Yes it is.
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