Can someone explain to me the formula for this problem?
Susan Miller is planning for your retirement, so is the creation monthly? (Round to the nearest cent) P =
the formula for payment of an annuity is P = P * [(1 + r) ^ n -1) / [r * (1 + r) ^ N] p = $ 1600 per month n = 35 years = 35 * 12 = 420 months = 8% pa r = 2 / 3% per month = 2 / 300 in installments for P = 1600 * [(302/300) ^ 420 - 1] / [(2 / 300) * (302/300) ^ 420] = $ 225,269.34
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