Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Determine the periodic deposit. Round up to the nearest dollar. How much of the financial goal comes from deposits and how much comes from interest?

image text in transcribed
Determine the periodic deposit. Round up to the nearest dollar. How much of the financial goal comes from deposits and how much comes from interest? P[(1+r)*- 1] P n A A = A = P= r ( 1 + 5 ] " - 1 Periodic Deposit: $? at the end of each month Rate: 7.5% compounded monthly Time: 3 years Financial Goal: $47,000 A. $1,253; $45, 108 from deposits and $1,892 from interest O B. $1,042; $37,512 from deposits and $9,488 from interest O c. $3,530; $42,360 from deposits and $4,640 from interest O D. $1,169; $42,084 from deposits and $4,916 from interest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics For The Liberal Arts

Authors: Donald Bindner, Martin J Erickson, Joe Hemmeter

1st Edition

1118371747, 9781118371749

More Books

Students also viewed these Mathematics questions

Question

What are some indicators of federal income tax fraud?

Answered: 1 week ago