document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1039372>Question 1039372</A>: <I><SPAN STYLE=\"word-break: break-all;\"> How much would you need to deposit in an account each month in order to have $30,000 in the account in 6 years? Assume the account earns 5.8% interest. <BR>\n" );
document.write( "Round your answer to the nearest cent as needed.\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #654250 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=654250\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Does the interest compound monthly? I'm going to assume it does:<BR>\n" );
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document.write( "PMT*(((1+r/n)^nt-1)/(r/n)) = 30,000<BR>\n" );
document.write( "PMT*(((1+0.058/12)^12*6)-1)/(0.058/12) = 30,000<BR>\n" );
document.write( "PMT*85.87 = 30,000<BR>\n" );
document.write( "PMT = 30,000/85.87 = 349.37 This is how much you have to save every month.<BR>\n" );
document.write( "John<BR>\n" );
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