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to start a business,mary wants to save a certain ammount of money at the end of every month to put in an account providing 3% interest compounded monthly.his estimated start up capital is 550,000pesos.If he wants to start a business in 2years,how much monthly deposit must be put into the account.
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✒️ QUESTION

To start a business,mary wants to save a certain ammount of money at the end of every month to put in an account providing 3% interest compounded monthly.his estimated start up capital is 550,000pesos.If he wants to start a business in 2years,how much monthly deposit must be put into the account.

✒️ ANSWER

  • R = 22 264.67

✒️ SOLUTION

F = R [tex]{(1 \: + \: \frac{r}{n} )}^{nt} \: - 1 [/tex]

  • [tex]\frac{r}{n}[/tex]

F = 550 000 [tex]\:[/tex] R = 3% [tex]\:[/tex] N = 12 [tex]\:[/tex] T = 2

550 000 = R [tex]{1 \: + \: \frac{3\%}{12} }^{12 \: \times \: 2} - 1[/tex]

  • [tex]\frac{3\%}{12}[/tex]

R = 22 264. 67 pesos