document.write( "Question 1065205: Suppose you need $4000 in 3 years for a trip to Europe. How much do you have to deposit into an account each month if the annual interest rate is 3.5% compounded monthly in order to meet your goal? Round your answer up to the next dollar. Express your answer with no dollar sign and no decimal point \n" ); document.write( "

Algebra.Com's Answer #680541 by Boreal(15235) $\"\"$ $\"About$

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4000=m[(1+ i/t)^Nt-1 ]divided by i/t
\n" ); document.write( "4000=m(1+.035/12)^36/.035/12
\n" ); document.write( "multiply by denominator (.035/12)
\n" ); document.write( "11.66667=m(1+0.0029166667)^36-1)=m(.11054) without rounding, divide by 0.11054
\n" ); document.write( "106
\n" ); document.write( "This can be checked roughly by multiplying by 36 months, which gives $3816, not far from $4000, and with 3.5% interest would be reasonable to expect this amount to reach $4000 in three years. \n" ); document.write( "

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