1. ## 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 2. 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