Answer:
<em>$7,196.42 </em>
Step-by-step explanation:
Using the compound interest formula to fins the amount after 10years;
A = P(1+r)^n
Principal P = $400,000
Rate r = 8% = 0.08
Time t = 10 years
Substitute
A = 400,000(1+0.08)^10
A = 400,000(1.08)^10
A = 400,000(2.1589)
A = 863,569.99
A ≈ 863,570
Hence the amount after 10 years is $863,570
Monthly deposit = $863,570/120 (10 years is equivalent to 120months)
Monthly deposit = 7,196.42
<em>Therefore he will have to deposit $7,196.42 into his account monthly</em>
Answer:459.27
Step-by-step explanation:
26% = 26%/100%
26/100, 13/50
answer is 13/50
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