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

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Chapter2: Second-order Linear Odes
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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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