Question 1074704
The interest rate is 5.25% a year, or 12 months. Let n be the initial amount Bill needs to deposit. Then:
20000=n x (1+((52/12) x .0525)
20000=1.2275n
n=20000/1.2275=$16293.279 as the initial deposit Bill has to make to afford the new addition. &#9786;&#9786;&#9786;&#9786;