SOLUTION: Jack opens a savings account with a deposit of 1140 dollars. He plans to make another deposit of X dollars in three years, with the goal of having exactly 8200 dollars in the accou

Question 1178692: Jack opens a savings account with a deposit of 1140 dollars. He plans to make another deposit of X dollars in three years, with the goal of having exactly 8200 dollars in the account 11 years after it is opened. If the account pays an effective rate of 7.05 percent, what value of X will allow him to reach his goal?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

The original amount earns the 7.05% annual interest for the full 11 years; the additional amount x earns it for 8 years.

I will assume compound interest, since no savings institution today pays simple interest. So

You can finish. Use a calculator....

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