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Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest...

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Question

Accounting

Jeanne and Harold Kimura want to set up a TDA that will generate sufficient interest at maturity to meet their living expenses, which they project to be $900 per month. (Round your answers to the nearest cent.)
(a) Find the amount needed at maturity to generate $900 per month interest if they can get
61/2%
interest compounded monthly.
$
(b) Find the monthly payment that they would have to put into an ordinary annuity to obtain the future value found in part (a) if their money earns
81/4%
and the term is thirty years.
$

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