Too many unknown variables in this question.
e.g. How many years?
What is the expected amount?
What rate of interest?
....
Mr.Howard was planning on depositing a certain amount of money each month into a collage fund for his children He then decided not to make any contribution during June and July to make the same annual contritibution that he dad originally planned, by what percent should he increase his monthly deposits?
2 answers
Deposit = $X per mo.
x/mo. * 12mo. = $12x/yr.
12mo./10mo * x/mo. = $1.2x/mo.
(1.2x/x) * 100% = 1.2 * 100% = 120%.
% increase = 120% - 100% = 20%.
x/mo. * 12mo. = $12x/yr.
12mo./10mo * x/mo. = $1.2x/mo.
(1.2x/x) * 100% = 1.2 * 100% = 120%.
% increase = 120% - 100% = 20%.