Ask a New Question

Question

Zorro needs $4800 in 4 years. How much should he deposit each month in an account that
pays 7% in order to achieve his goal?
3 years ago

Answers

mathhelper
Assuming this is interest compounded monthly, and payments are made
at the end of the month ...

i = .07/12 = ..0058333...
n = 48
paym = ??

paym(1.0058333..^48 - 1)/
00583333... = 4800
paym(55.20923....) = 4800
paym = $ 86.94
3 years ago

Related Questions

a) In raising a 4800 N piano with a pulley system, the workers note that for every 2 m of rope pulle... Of the 4800 students at Medium Suburban College (MSC), 50 play collegiate soccer, 60 play collegiate... thomas borrowed $4800 to buy a new car. he will be paying $96 each month for the next 60 months. fin... Allan borrowed $4800 from his father to buy a car. He repaid him after 9 months with interest of 5%... Xavier, Yessie, and Zorro each choose a different favorite positive fraction. Each fraction is in si... Any invested part of her $4800 savings at 8% and the remainder at 6%. If the total interest earned o... A TV cable company has 4800 subscribers who are each paying RM18 per month. It can get 150 more sub... A copier purchased new for 4800 depreciate in value $500 each year the function that models this equ... A copier purchase new for $4800 depreciate in value $500 each year. What is the function that models... A copier purchase new for $4800 depreciate in value $500 each year. The model predict that the value...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use