Math

Jessica wants to accumulate $15,000 by the end of 4 years 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 4-year period. If the bank pays interest at the rate of 8% per year compounded monthly, how much does she have to deposit each month into her account? (Round your answer to the nearest cent.)

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  1. i = .08/12 = .006666...
    n = 4(12) = 48

    P(1.006666...^48 - 1)/.006666... = 15000

    solve for P

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    Reiny

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