How do you solve the problem 3/4 of 28
2 answers:
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Using the future value formula, it is found that you would need to deposit $272.95 in the account each month.
<h3>What is the future value formula?</h3>It is given by:
In which:
- P is the payment.
- n is the number of payments.
- r is the interest rate.
For this problem, considering that there are monthly compoundings, the parameters are:
r = 0.08/12 = 0.0067, V(n) = 300000, n = 25 x 12 = 300.
Hence we solve for P to find the monthly payment.
1099.12P = 300000
P = 300000/1099.12
P = $272.95.
You would need to deposit $272.95 in the account each month.
More can be learned about the future value formula at brainly.com/question/24703884
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