Question

Today is Rosa's 12 birth day she has a saving account with 515 dollars in it her her goal is to save 10,000 by the time she turns 18 how much money should she add to her savings account each month to reach her goal of 10,000 between now and her 18 birth day

Answer 1

$131.74 monthly

Explanation:

She has 18 - 12 years to go = 6 years

She has 10,000 - 515 dollars to go = $9,485

Since the savings are monthly, we multiply 6years by 12 = 72months

So she needs to save $9,485/72 = $131.74 monthly