Question
Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest?
Use the appropriate formula to determine the periodic deposit.
b.
How much of the financial goal comes from deposits and how much comes from interest?
| Periodic Deposit | Rate | Time | Financial Goal |
|---|---|---|---|
| $? at the end of each month | 6.75% compounded monthly | 35 years | $ 1,500,000 |
In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years.
A=P(1+r)t1r
A=P1+rnnt1rn
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WebAssign For Differential Equations With Boundary-Value Problems
Authors: Dennis G Zill
9th Edition
1337879762, 9781337879767
