How much money must you pay into an account at the beginning

Reference no: EM13301367

How much money must you pay into an account at the beginning of each of 20 years in order to have $10,000 at the end of the 20th year? Assume that the account pays 12% per year, and round to the nearest $1.
a. $124
b. $111
c. $1,195
d. $139

The previous posting showed that the answer is a. $124 however when I put it into a financial calculator as follows I get d. $139. Can someone help? Here's what I put in
20 = number of years
12 = i/y (interest)
10,000 = FV
0 = PV
CPT PMT = 138.7878 rounded to $139

Also previously posted and I question: Auto Loans R Them loans you $24,000 for four years to buy a car. The loan must be repaid in 48 equal monthly payments. The annual interest rate on the loan is 9 percent. What is the monthly payment?
a. $500.92
b. $597.24
c. $543.79
d. $563.82

Reference no: EM13301367

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