Can someone please tell me how to get the answer for B=615.47 based on the solution that I've uploaded? My answer is 813.38.

Q1. Suppose your bank account pays interest monthly with an EAR of 6%. (a) How much interest will you earn each month? (b) If you have no money in the bank today, how much will you need to save at the end of each month to accumulate $100,000 in 10 years? Solution: (a) To find the interest rate to be earned each month, we need to convert the EAR to a monthly rate. Equivalent n-period discount rate - (1tr)-1, where'" is basically the effective annual interest rate. Therefore, equivalent monthly rate-(1+6%)m-1-04868S (b) To answer this, we need to determine the amount "C" of the monthly payment that will have a future value of $100,000 in 10 years, given a monthly interest rate of 0.4868%. We have to solve for the payment "C" in the FV of annuity formula using the equivalent monthly interest rate 0.4868%, and n-12 x 10-120 months (since the interest rate is on monthly basis). FV of annuity = C x ( 1/r) x {(1+r)n-1) Therefore, S100.000-Cr (1/0.4868%) x {(1+0.4868%) no-1) That is, C-S 100,000/K1 /04868%) x {(1+0.4868%) 120-1-S615 47 per month (approx)