Monthly Contribution Total Amount after 7 Years of Investment
(dollars)
with a 4% Annual Interest Rate (dollars)
25
2,426.92
50
4,853.83
75
7,280.75
100
9,707.67
The information in the table shows how much a specific monthly contribution will result in after 7 years of investment with a 49% 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?
(1 point)