Mathematics, 19.07.2019 12:30, aly95
If you need $8000 to travel to europe after you graduate in 4 year. how much would your monthly deposits need to be if your account earns interest at 5% compounded monthly?
Answers: 1
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity}\\ \left. \qquad \qquad \right.(\textit{payments at the end of the period}) \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0107/8265/2b5a9.png)
![\bf 8000=pymnt\left[ \cfrac{\left( 1+\frac{0.05}{12} \right)^{12\cdot 4}-1}{\frac{0.05}{12}} \right] \\\\\\ \cfrac{8000}{\left[ \frac{\left( 1+\frac{0.05}{12} \right)^{12\cdot 4}-1}{\frac{0.05}{12}} \right]}=pymnt\implies \cfrac{8000}{\frac{\left( \frac{241}{240} \right)^{48}-1}{\frac{1}{240}}}=pymnt \\\\\\ \cfrac{8000}{53.0148852}\approx pymnt\implies 150.9010152318\approx pymnt](/tpl/images/0107/8265/49177.png)
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