# SOLUTION: Kyla wants to save \$8000 in 10 years she has three options determine the total amount that Kyla most deposit for each option monthly deposits paying 3% interest compounded month

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 Click here to see ALL problems on Money Word Problems Question 550858: Kyla wants to save \$8000 in 10 years she has three options determine the total amount that Kyla most deposit for each option monthly deposits paying 3% interest compounded monthly sn=a(r^n-1)/r-1 8000(1.0025^120-1/1.0025-1 8000x(0.349353/0.0025 8000x139.74 8000/139.74=x x=57.25 quarterly deposits paying 3% interest compounded quarterly sn=a(r^n-1/r-1 8000(1.0075^30-1/1.0075-1 8000x0.2512717/0.0075 8000x33.50 8000/33.50=x x=238.80 I believe that the problem is in order. Though, i feel that my answer is coming up short. Can someone help explain what im doing wrong? Answer by ankor@dixie-net.com(15746)   (Show Source): You can put this solution on YOUR website!: Kyla wants to save \$8000 in 10 years she has three options determine the total amount that Kyla most deposit for each option monthly deposits paying 3% interest compounded monthly sn=a(r^n-1)/r-1 8000(1.0025^120-1/1.0025-1 8000x(0.349353/0.0025 8000x139.74 8000/139.74=x x=57.25 I check this using the annuity feature on the Ti83, and it is correct : quarterly deposits paying 3% interest compounded quarterly sn=a(r^n-1/r-1 8000(1.0075^30-1/1.0075-1 8000x0.2512717/0.0075 8000x33.50 8000/33.50=x x=238.80 On this one I think you made a mistake, it should be 40 periods, you have 30 x=172.24