Answer:
The amount to deposit in the first month will be $35708.91
Explanation:
The formula to apply here is:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
where
A=future value of loan including interest
P=Initial deposit
r=annual interest rate in decimal
n=number of times interest is compounded per unit t
t=time money is borrowed
Given in the question;
t=40 yrs
A=$1910000
r=9.99% =0.0999
n=12
P=?
Applying the formula to find P
[tex]P=A/(1+\frac{r}{n})^{nt} \\\\P=1910000/(1+\frac{0.0999}{12} )^{12*40} \\\\\\P=1910000/(1.008325)^{480} \\\\\\P=1910000/54.49\\\\\\P=35708.91[/tex]
The amount to deposit in the first month will be $35708.91
