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a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of each month Rate 7.75% compounded monthly Time 35 years Financial Goal $1,500,000

a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit $? at the end of each month Rate 7.75% compounded monthly Time 35 years Financial Goal $1,500,000

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 7.75% compounded monthly iClick the icon to view some finance formulas. Time 35 years Financial Goal $1,500,000 a. The periodic deposit is $ 696. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ 291900 of the $1,500,000 comes from deposits and $ 1208100 comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
Transcribed Image Text:a. Use the appropriate formula to determine the periodic deposit. b. How much of the financial goal comes from deposits and how much comes from interest? Periodic Deposit Rate $? at the end of each month 7.75% compounded monthly iClick the icon to view some finance formulas. Time 35 years Financial Goal $1,500,000 a. The periodic deposit is $ 696. (Do not round until the final answer. Then round up to the nearest dollar as needed.) b. $ 291900 of the $1,500,000 comes from deposits and $ 1208100 comes from interest. (Use the answer from part (a) to find these answers. Round to the nearest dollar as needed.)
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