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Math Help - Compounded Monthly

  1. #1
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    Compounded Monthly

    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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  2. #2
    MHF Contributor
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    Quote Originally Posted by realace360 View Post
    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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