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fomenos
3 years ago
6

Lucy has decided to save for a vacation in 18 months. She will save the money into a short-term investment account returning 4%

annually. How much will she have to put away at the beginning of each month if the vacation cost is $15,000
Business
1 answer:
LenKa [72]3 years ago
7 0

Answer:

Monthly deposit= $810.20

Explanation:

Giving the following information:

Number of periods (n)= 18 months

Interest rate (i)= 0.04/12= 0.0033

Future value (FV)= $15,000

<u>To calculate the monthly deposit, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (15,000*0.0033) / [(1.0033^18) - 1]

A= $810.20

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Answer:

$50,000

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3 years ago
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Based on the given scenario she should  choose a Medicare Advantage Prescription Drug PFFS plan which will includes medical health care benefits as well as a drug prescription coverage.

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2 years ago
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3 years ago
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Answer:

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3 years ago
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