SOLUTION: How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 8% interest.
Algebra.Com
Question 1061843: How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 8% interest.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
Total=P((1+r/t)^nt-1)/r/t; assuming monthly compounding
30000=P(1+.0066667)^108-1/0.006667 don't round
multiply both sides by (.08/12)
200=P(2.0495-1)
P=200/1.0495
=$190.56
RELATED QUESTIONS
How much would you need to deposit in an account each month in order to have $20,000 in... (answered by ikleyn,CPhill)
How much would you need to deposit in an account at the end of each month in order to... (answered by Theo)
How much would you need to deposit in an account each month in order to have $50,000 in... (answered by CPhill,ikleyn)
How much would you need to deposit an account each month in order to have $20,000 in the... (answered by mananth)
How much would you need to deposit in an account each month in order to have $30,000 in... (answered by Aldorozos,addingup,MathTherapy)
How much would you need to deposit in an account at the end of each month in order to... (answered by ikleyn)
How much would you need to deposit in an account at the end of each month in order to... (answered by ikleyn)
How much would you need to deposit in an account each month in order to have $10,000 in... (answered by ikleyn)
How much would you need to deposit in an account each month in order to have $30,000 in... (answered by ikleyn)