What is the principal

[Sue0113]

What is the principal from which $279.00 can be withdrawn at the end of each month for 17.5 years if interest is 5.44% compounded quarterly?
Is the formula PV = PMT[1-(1+i)]
i

 

[Sue0113]

Is this the proper work?

PV=279[1-(1+.0136)^70] / .0136 i=5.44/4 = .0136 n=17.5 x 7= 70
PV=279[1.574317632) / .0136
PV=279[115.7586494]
pv=32296.66
So principal is $32,296.66

 

[Sue0113]

Could someone check this out please!

Hello could someone please check my above answer and work of the word problem and let me know if it is correct or if I made
a mistake, where I made it and how to correct it thanks!