How did he/she get 951.0882

If $300,000 is to be saved over 25 much should deposited monthly if the investment earns 8% interest compounded monthly? A) $216.62 B) $180.48 C) $260.87 D) $315.45 ANNUITY DEPOSIT MONTHLY = FUTURE VALUE/FVIFA_0.67%, 300PERIQDS = $300000/951.0882 = $315.43 APROX ANSWER OPTION D THE ANSWER SLIGHTLY DIFFER BECAUSE OF THE ROUNDING OFF THE DECIMAL POINTS THE MONTHLY DEPOSITS SHOULD BE $315.43 TO GET SAVED $300000 OVER 25 YEARS. NOTE- INTEREST RATE PER MONTH (8%/12) = 0.67% NO. OF PERIODS (12 MONTHS * 25YEARS) = 300 PERIODS