5 Renee is saving for a trip to Australia She wants 10 000 in 5...
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5 Renee is saving for a trip to Australia She wants 10 000 in 5 years How much should Renee deposit at the end of each month into an account that pays 6 4 compounded monthly 6 Suppose you make a deposit at the end of each month into an account that pays 7 6 compounded monthly for 7 years The amount at the end of the 7 years is 10 000 How much do you invest Answers 1 a 7153 29 c 9639 51 2 a 929 46 3666 70 3 a 397 29 c 58 98 e 53 12 b 5218 54 d 10 625 56 b 2342 60 d 7215 02 b 530 08 d 189 86 164 47 4 a 103 22 b 624 63 c Monthly option because Matt has to deposit less money 5 141 86
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