For the situation, write and solve an equation. Then, explain what your solution means. If you get stuck, try drawing a diagram
on your paper. A food pantry is making packages. Each package weighs 84 pounds. Each package contains 5 boxes. Each box contains a 6-pound bag of beans and a bag of rice. The bags of rice are all identical.
Let the total amount that Sarah deposited be $x using the annuity formula: A=P[((1+r)^n-1)/r] A=future value r=rate n=number of years from the information given: A=$500000 r=2.75% n=65-42=23 years p=$x thus plugging our values in the formula we get: 500000=x[((1+0.0275)^(23)-1)/(0.0275)] 500000=31.50x x=15,872.04883 She deposited 15,873.04883 per year The monthly deposit will therefore be: 15873.04883/12=$1322.67