Answer:
$95.5090 must be deposited monthly
Step-by-step explanation:
From the information given:
The annual interest rate (r) = 4.2% = 0.042
Let assume that an amount Y is deposited, then after one month, it will increase to:
The total amount after 4 years will be:
Using the sum of a geometric progression:
The above amount is then equal to $5000
i.e