The information in the table shows how much a specific monthly contribution will result in after 7 years of investment with a 4% annual interest rate, compounded monthly. If the goal is to have at least $7,000 after 7 years, what is the minimum amount that this investor should invest each month? (1 point)
1 answer
We can find the minimum amount that this investor should invest each month by looking at the value in the table that is closest to $7,000 after 7 years. From the table, we can see that with a monthly contribution of $150, the investment will result in a balance of $7,002.92 after 7 years. Therefore, the minimum amount that this investor should invest each month is $150.