Final answer:
To find Kelsey's monthly deposit amount in a savings account with a 2.74% interest rate compounded monthly, one would use the future value of an annuity formula, rearranging it to solve for the monthly payment (P), which requires numerical methods due to the complexity of the formula.
Step-by-step explanation:
The student's question pertains to compound interest and determining the fixed monthly deposit amount. Considering the given parameters, Kelsey has $6000 in her savings account after 33 months of deposits, with an interest rate of 2.74% compounded monthly.
To calculate the monthly deposit, we would use the future value of an annuity formula:
FV = P * (((1 + r/n)^(nt) - 1) / (r/n))
Where:
- FV is the future value of the account, which is $6000.
- P is the monthly deposit.
- r is the annual interest rate (2.74% or 0.0274 in decimal form).
- n is the number of times that interest is compounded per year (12 for monthly).
- t is the number of years the money is deposited (33 months / 12 = 2.75 years).
However, to solve for P, we need to rearrange the formula and use numerical methods or financial calculators, as the equation is not straightforward to solve algebraically for P.