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Questions: Algebra BusinessCalculus
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A client needs to save $13500 dollars in 6 years. If they invest at \(\displaystyle 2.5\)% compounded monthly, how much do they need to deposit each month?
Using the forumla for present value and solving for \(\displaystyle PMT = \frac{13500\cdot (0.025/12) }{ ((1 + (0.025/12))^{72} -1)} = 173.98\) dollars.
\begin{question}A client needs to save \$13500 dollars in 6 years. If they invest at $2.5$\% compounded monthly, how much do they need to deposit each month?
\soln{9cm}{Using the forumla for present value and solving for $PMT = \frac{13500\cdot (0.025/12) }{ ((1 + (0.025/12))^{72} -1)} = 173.98$ dollars. }
\end{question}
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\begin{document}\begin{question}(10pts) The question goes here!
\soln{9cm}{The solution goes here.}
\end{question}\end{document}<p> <p>A client needs to save $13500 dollars in 6 years. If they invest at <img class="equation_image" title=" \displaystyle 2.5 " src="/equation_images/%20%5Cdisplaystyle%202.5%20" alt="LaTeX: \displaystyle 2.5 " data-equation-content=" \displaystyle 2.5 " /> % compounded monthly, how much do they need to deposit each month?</p> </p>
<p> <p>Using the forumla for present value and solving for <img class="equation_image" title=" \displaystyle PMT = \frac{13500\cdot (0.025/12) }{ ((1 + (0.025/12))^{72} -1)} = 173.98 " src="/equation_images/%20%5Cdisplaystyle%20PMT%20%3D%20%5Cfrac%7B13500%5Ccdot%20%280.025/12%29%20%7D%7B%20%28%281%20%2B%20%280.025/12%29%29%5E%7B72%7D%20-1%29%7D%20%3D%20173.98%20" alt="LaTeX: \displaystyle PMT = \frac{13500\cdot (0.025/12) }{ ((1 + (0.025/12))^{72} -1)} = 173.98 " data-equation-content=" \displaystyle PMT = \frac{13500\cdot (0.025/12) }{ ((1 + (0.025/12))^{72} -1)} = 173.98 " /> dollars. </p> </p>