Mathematics, 04.07.2019 20:30 lucky1940
Rae started saving money at an early age (10 years old). each month her mom put the money in an account that compounded annually at 5.75%. now rae is 23 and has $6936.72. how much did she save each month? (assume she saved for a full 13 years) use the fv or pmt functions in excel.
Answers: 1
![\text{FV of annuity}=P[\frac{(1+r)^n-1}{r}]](/tpl/images/0051/5010/238f8.png)
![\Rightarrow 6936.72=P[\dfrac{(1+\frac{5.75}{1200})^{156}-1}{{\frac{5.75}{1200}}}]\\\\\\\Rightarrow P=\dfrac{6936.72}{[\frac{(1+\frac{5.75}{1200})^{156}-1}{{\frac{5.75}{1200}}}]}\\\\\\\Rightarrow P=\dfrac{6936.72}{\frac{2.107947-1}{0.004792}}\\\\\\\Rightarrow P=\dfrac{6936.72}{\frac{1.107947}{0.004792}}\\\\\\\Rightarrow P=30](/tpl/images/0051/5010/2a36d.png)
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