John wants to travel to Iceland he will need to have $20409, he wants to go in 15 years. how much must he deposit monthly into a

Question

dedylja [7]

4 years ago

10

John wants to travel to Iceland he will need to have $20409, he wants to go in 15 years. how much must he deposit monthly into a

n account that pays 1.80% compounded interest monthly

Mathematics

1 answer:

Dmitrij [34] · Answer 1 · 2022-01-14T05:33:12+03:00

Dmitrij [34]4 years ago

8 0

Answer: 203.4

So, he has a dream to go to Iceland sometime. He would need to deposit a minimum of $203/month. To get this answer we need to take 20409 ÷ 180 (180 is the amount on months in 15 years.) And multiply that by the equanimity equation (y=2/5=6)