Question

PLEASE HELP!!! Jeanie is 21 years old. She opens an account that pays 3.9% interest compounded monthly. She

sets a goal of saving $10,000 by the time she is 24 years old. How much must she deposit each
month?

Answer 1

$11,170

Explanation:

First you convert the percentage to decimal form out of 100 (which you divide)

3.9%/100 = 0.039

A = P(1 + rt)

A = 10000(1 + 0.039 * 3) ( * = multiplication)

I = $11,170 - 10,000 = $1,170

Which you should get $1,170.00 or $1,170 (which is pretty much the same thing)

Hope this helps!