Thread: Accumulatepd payments

In order to accumulate $1,500,000 in 60 years, a fund by making semi-annual payments into an account paying 11.5% semi-annually. What must
each payment be?

n=60 x 2=120
i=.115

so how do you set it up

I know its something with geometric possession
now what.

[QUOTE=tenrear3;757680n=60 x 2=120
i=.115
so how do you set it up
[/QUOTE]
Not quite: i = .115/2 : 11.5% is annual, paid semi-annually.

P = 1500000(.115/2) / [(1 + .115/2)^120 - 1] ; P = 105.352327...