I cant figure this question out. Please show step by step Save 3.6% annual interest, compounded monthly for 12 months? How much do I need to deposit to savings per month to have $900? Thank you
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Originally Posted by realace360 Save 3.6% annual interest, compounded monthly for 12 months? How much do I need to deposit to savings per month to have $900? i = monthly interest rate = .036 / 12 = .003 D = monthly Deposit D[(1 + i)^12 - 1] / i = 900 D(1.003^12 - 1) / .003 = 900 Solve that for D
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