Ashley and dwayne are saving for retirement. their goal is to have $250,000 in 15 years. they open up an account with apr of 3.7% compounded monthly. how much should they deposit each month to meet their goal?

The formula for the future value of an investment with regular contributions is

FV = M((1+r/n)^(nt)-1)(n/r)

   where

   FV = Future value

   M = Deposit per period

   r = Interest rate

   n = number of periods per year

   t = number of years

   So let's solve for M, then substitute the known values and calculate:

   FV = M((1+r/n)^(nt)-1)(n/r) FV/(((1+r/n)^(nt)-1)(n/r)) = M

        250000/(((1+0.037/12)^(12 * 15)-1)(12/0.036)) = M

    250000/(((1+0.003083333)^(180)-1)(324.3243243)) = M

    250000/(((1.003083333)^(180)-1)(324.3243243)) = M

    250000/((1.740454228-1)(324.3243243)) = M

   250000/240.1473172 = M

   1041.027661 = M

       So the monthly deposit should be 1041.03 every month.

   Note: This calculation assumes that the 1st deposit will happen AFTER the 1st month.

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