Question 1191376
Here's how to figure out the monthly deposit you'd need:

**1. Understand the Problem**

This is a future value of an ordinary annuity problem. We need to find the regular payment (monthly deposit) that will result in a specific future value ($50,000) given an interest rate (6%) and a time period (7 years).

**2. Use the Formula**

The future value of an ordinary annuity formula is:

FV = P * [((1 + r)^n - 1) / r]

Where:

* FV = Future Value ($50,000)
* P = Periodic Payment (what we want to find)
* r = Interest rate per period (6% annual rate / 12 months = 0.06/12 = 0.005)
* n = Number of periods (7 years * 12 months = 84)

**3. Solve for P**

We need to rearrange the formula to solve for the periodic payment (P):

P = FV * [r / ((1 + r)^n - 1)]

**4. Plug in the Values and Calculate**

P = $50,000 * [0.005 / ((1 + 0.005)^84 - 1)]
P = $50,000 * [0.005 / (1.517 - 1)]
P = $50,000 * [0.005 / 0.517]
P ≈ $483.37

**Answer:** You would need to deposit approximately $483.37 each month to have $50,000 in the account after 7 years.