Answer:
Step-by-step explanation:
7 because 6 and 3/4 is written out as 6.75 and when rounding you look at the number after the decimal and if its 5 and above you round up the number youre about to estimate and if its 5 and below you round down.
Answer:
Monthly deposit= $1,120.81
Step-by-step explanation:
Giving the following information:
Future value= $94,000
Number of periods= 6*12= 72
i= 0.05/12= 0.0042
<u>To calculate the monthly deposit, we need to use the following formula:</u>
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (94,000*0.0042) / [(1.0042^72) - 1]
A= $1,120.81
