The information in the table shows how much a specific monthly contribution will result in after 7 years of investment with a 4% annual interest rate, compounded monthly.
If the goal is to have at least $7,000 after 7 years, what is the minimum amount that this investor should invest each month?
To find the minimum amount that the investor should invest each month, we need to find the contribution amount that will result in at least $7,000 after 7 years.
Looking at the table, we can see that the closest contribution amount to $7,000 after 7 years is $97.56.
Therefore, the minimum amount that this investor should invest each month is $97.56.