Answer:
Monthly deposit= $336.46
Step-by-step explanation:
Giving the following information:
Future Value (FV)= $13,000
Number of periods= 12*3= 36 months
Interest rate= 0.048/12= 0.004
To calculate the monthly deposit, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (13,000*0.004) / [(1.004^36) - 1]
A= $336.46