SOLUTION: Determine the monthly amount to be deposited into a saving account which yields 4.2% interest for the final value to be $18,000 after 8 years.

Question 1062871: Determine the monthly amount to be deposited into a saving account which yields 4.2% interest for the final value to be $18,000 after 8 years.

Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
( simple interest formula )

Number of months in 8 yrs =

$140.34 must be deposited each month
Get another opinion, too, if needed

Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
Determine the monthly amount to be deposited into a saving account which yields 4.2% interest for the final value to be $18,000 after 8 years.

Interest is compounded, so monthly amount =
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