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Nina [5.8K]
3 years ago
5

How much would you need to deposit in an account each month in order to have $40,000 in the account in 8 years? Assume the accou

nt earns 3% annual interest compounded monthly.
Mathematics
1 answer:
kolbaska11 [484]3 years ago
5 0

Answer:

<h2>$166666.67</h2>

Step-by-step explanation:

<h3><em>$</em><em>4</em><em>0</em><em>0</em><em>0</em><em>0</em><em> </em><em>=</em><em> </em><em>a</em><em>m</em><em>o</em><em>u</em><em>n</em><em>t</em><em> </em><em>a</em><em>f</em><em>t</em><em>e</em><em>r</em><em> </em><em>8</em><em> </em><em>y</em><em>e</em><em>a</em><em>r</em><em>s</em><em> </em></h3><h3><em>t</em><em>i</em><em>m</em><em>e</em><em> </em><em>=</em><em> </em><em>8</em><em> </em><em>y</em><em>e</em><em>a</em><em>r</em><em>s</em><em> </em></h3><h3><em>i</em><em>n</em><em>t</em><em>e</em><em>r</em><em>e</em><em>s</em><em>t</em><em> </em><em>=</em><em> </em><em>3</em><em>%</em></h3><h3><em>p</em><em>r</em><em>i</em><em>n</em><em>c</em><em>i</em><em>p</em><em>l</em><em>e</em><em> </em><em>a</em><em>m</em><em>o</em><em>u</em><em>n</em><em>t</em><em> </em><em>=</em><em> </em><em>?</em><em>?</em><em> </em><em>(</em><em> </em><em>p</em><em> </em><em>)</em></h3><h3><em>$</em><em>4</em><em>0</em><em>0</em><em>0</em><em>0</em><em> </em><em>=</em><em> </em><em>(</em><em>(</em><em> </em><em>p</em><em> </em><em>)</em><em> </em><em>×</em><em> </em><em>3</em><em> </em><em>×</em><em> </em><em>8</em><em> </em><em>)</em><em>÷</em><em>1</em><em>0</em><em>0</em></h3><h3><em>p</em><em> </em><em>=</em><em> </em><em>(</em><em>4</em><em>0</em><em>0</em><em>0</em><em>0</em><em> </em><em>×</em><em> </em><em>1</em><em>0</em><em>0</em><em>)</em><em> </em><em>÷</em><em> </em><em>(</em><em> </em><em>3</em><em> </em><em>×</em><em> </em><em>8</em><em> </em><em>)</em></h3><h3><em>p</em><em> </em><em>=</em><em> </em><em>$</em><em>166666.6</em><em>7</em></h3>

<h2>MARK ME AS BRAINLIST</h2>
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