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

- math - The Derr-McGee Manufacturing Company plans to build a new $50,000 ...
- Math - (a) Themba wants to deposit a sum of money into a savings account so that...
- 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 ...
- math - Jessica has a credit card from party bank and another from artic bank. ...
- Finance - . On the day that you were born, your grandfather opened a savings ...
- Finance - John Roberts has $42,180.53 in a brokerage account, and he plans to ...
- Math - Suppose you deposit $400 in an account that earn 0.75 percent each ...
- Math - Suppose you deposit $400 in an account that earns 0.75 percent each ...
- Precalculus - Jessica deposited $785 into an account that pays 6.2% interest ...

More Related Questions