SOLUTION: x wants to get 5000 per month interest for his monthly expenses wat is deposit amount he should place if the interest is 7

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Question 814635: x wants to get 5000 per month interest for his monthly expenses wat is deposit amount he should place if the interest is 7
Answer by LinnW(1048) About Me  (Show Source):
You can put this solution on YOUR website!

7% times ( amount on deposit ) = 5000 times 12 months
0.07x = 5000*12
0.07x = 60000
60000 is the amount we need to earn per year.
Divide each side by 0.07
x = 60000/0.07
x =857,142.90