a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 3.5% compounded monthly Time 10 years Financial Goal $210,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P[(1+r)-1] nt r P -1 A n n A A = A = P=- r -1 A nt -
a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 3.5% compounded monthly Time 10 years Financial Goal $210,000 Click the icon to view some finance formulas. a. The periodic deposit is $ (Do not round until the final answer. Then round up to the nearest dollar as needed.) Formulas In the provided formulas, P is the deposit made at the end of each compounding period, r is the annual interest rate of the annuity in decimal form, n is the number of compounding periods per year, and A is the value of the annuity after t years. P[(1+r)-1] nt r P -1 A n n A A = A = P=- r -1 A nt -
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 23E
Question
The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
$ of the $210,000 comes from deposits and $
comes from interest.
(Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
![a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
Rate
$? at the end of each month
3.5% compounded monthly
Time
10 years
Financial Goal
$210,000
Click the icon to view some finance formulas.
a. The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
Formulas
In the provided formulas, P is the deposit made at the end of each
compounding period, r is the annual interest rate of the annuity in decimal form, n
is the number of compounding periods per year, and A is the value of the annuity
after t years.
P[(1+r)-1]
nt
r
P
-1
A
n
n
A
A =
A =
P=-
r
-1
A
nt
-](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a2e414e-fcf2-4f1c-8cc3-03a5a88d07f2%2Ffb7a146a-09c9-48e7-982e-a2ad3ce49ee5%2F12g62ii_processed.jpeg&w=3840&q=75)
Transcribed Image Text:a. Use the appropriate formula to determine the periodic deposit.
b. How much of the financial goal comes from deposits and how much comes from interest?
Periodic Deposit
Rate
$? at the end of each month
3.5% compounded monthly
Time
10 years
Financial Goal
$210,000
Click the icon to view some finance formulas.
a. The periodic deposit is $
(Do not round until the final answer. Then round up to the nearest dollar as needed.)
Formulas
In the provided formulas, P is the deposit made at the end of each
compounding period, r is the annual interest rate of the annuity in decimal form, n
is the number of compounding periods per year, and A is the value of the annuity
after t years.
P[(1+r)-1]
nt
r
P
-1
A
n
n
A
A =
A =
P=-
r
-1
A
nt
-
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