# Thread: Acme Annuities recently offered an annuity that pays 7.8% compounded monthly.

1. ## Acme Annuities recently offered an annuity that pays 7.8% compounded monthly.

What equal monthly deposit should be made into this annuity in order to have $153,000 in 19 years? The answer is$294.17

What are the formula and steps?

2. ## Re: Acme Annuities recently offered an annuity that pays 7.8% compounded monthly.

solve for $P$ ...