How much money, as one$-$time deposit, PV

$,$ would you need to deposit into an account that earns $1\mathrm{.}5\%$ compounded monthly to earn a future value, FV

$,$ of $$7,500$ in three years?

This amount can be found by using algebra to rearrange the function, FV$=$PV$(1+$rn$)($nY$)$

$,$ so that FV

becomes an input variable and PV

becomes the output variable.

PV$=$FV$(1+$rn$)($nY$)$

Use this function to find the amount needed as a one$-$time deposit to earn $$7,500$ in $3$ years.

$7170\mathrm{.}18$

Round to the nearest cent

What monthly payment, PMT

$,$ would you need to deposit into an account that earns $1\mathrm{.}5\%$ compounded monthly to earn a future value, FV

$,$ of $$7,500$ in three years?

This amount can be found by using algebra to rearrange the function, FV$=$PMT$((1+$rn$)($nY$)1)($rn$)$

$,$ so that FV

becomes an input variable and PMT

becomes the output variable.

PMT$=$FV$($rn$)((1+$rn$)($nY$)1)$

Use this function to find the amount to deposit each month to earn $$7,500$ in $3$ years.

$203\mathrm{.}81$

Round to the nearest cent

How much total money would you have contributed if you made this monthly deposit for $3$ years?

Number

Round to the nearest cent