Posted by **Salvany** on Monday, February 7, 2011 at 9:02pm.

Jessica wants to accumulate $14,000 by the end of 5 yr in a special bank account, which she had opened for this purpose. To achieve this goal, Jessica plans to deposit a fixed sum of money into the account at the end of the month over the 5-yr period. If the bank pays interest at the rate of 7% per year compounded monthly, how much does she have to deposit each month into her account?

- Finite Mathematics -
**Reiny**, Monday, February 7, 2011 at 9:10pm
i = .07/12 = .00583333

n = 12(5) = 60

let her payment be P

P( (1.00583333)^60 - 1)/.005833333 = 14000

solve for P

- Finite Mathematics -
**Anonymous**, Friday, March 25, 2011 at 10:39am
Suppose 12 people arrive at a bank at the same time. In how many ways can they line up to wait for the next available teller?

## Answer This Question

## Related Questions

- finance management - John Roberts has $42,180.53 in a brokerage account, and he ...
- finance - John Roberts has $42,180.53 in a brokerage account, and he plans to ...
- Finance - John Roberts has $42,180.53 in a brokerage account, and he plans to ...
- math - The Derr-McGee Manufacturing Company plans to build a new $50,000 ...
- math - Jessica has a credit card from party bank and another from artic bank. ...
- math - jessica had 24 customers open an account during the month, which is 60% ...
- Precalculus - Jessica deposited $785 into an account that pays 6.2% interest ...
- math - jessica borrow$9000 from the bank to purchase a used car.the bank has ...
- Finance - 7. Today you open a bank account and make a deposit of $6,000. Then ...
- matlab - One bank pays 5.5 percent annual interest, while a second bank pays 4.5...

More Related Questions