contestada

YOU THE REAL OG
IF YOU CAN DO THIS FOR ME
YES IT IS HAIKU


How much would you need to deposit in an account each month in order to have $50,000 in the account in 8 years? Assume the account earns 4% annual interest compounded monthly.

THANK YOU TO ANY OG WHO CAN SOLVE THIS , BRAINLIEST GUARANTEE TO ANYONE WHO REALLY TRIES

Respuesta :

sqdancefan

9514 1404 393

Answer:

  $442.80

Step-by-step explanation:

The formula for the amount of an ordinary annuity is ...

  A = P(12/r)((1 +r/12)^(12t) -1)

where payment P is made n times per year and interest is accrued at annual rate r.

Filling in the given values, we want ...

  50,000 = P(12/0.04)(1 +0.04/12)^(12·8) -1) = 112.91854P

  P = 50,000/112.91854 ≈ 442.80

You would need to deposit $442.80 each month for 8 years.