How much would you need to deposit in an account each month in order to have $20,000 in the account in 10 years? Assume the account earns 4% interest.
Question
Solution 1
To solve this problem, we need to use the formula for the future value of a series of payments, or an annuity. This formula is:
FV = P * [(1 + r/n)^(nt) - 1] / (r/n)
where: FV = future value of the annuity (the amount you want to have saved) P = payment amount (the amount you deposit each month) r Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv
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