SOLUTION: How much would you need to deposit in an account each month in order to have $30,000 in the account in 7 years? Assume the account earns 2% interest.

Algebra ->  Customizable Word Problem Solvers  -> Misc -> SOLUTION: How much would you need to deposit in an account each month in order to have $30,000 in the account in 7 years? Assume the account earns 2% interest.      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 1148393: How much would you need to deposit in an account each month in order to have $30,000 in the account in 7 years? Assume the account earns 2% interest.
Answer by ikleyn(52876) About Me  (Show Source):
You can put this solution on YOUR website!
.

As it worded, printed, posted and presented, the post is UNCOMPLETED.

To be completed, it should say that the account is compounded with the compound period of 1 month.

When you post the complete problem to the forum, I will be happy to show you how to solve it.