Respuesta :

Answer:

Monthly deposit= $684.23

Step-by-step explanation:

Giving the following information:

Number of periods= 5*12= 60 months

Interest rate= (0.09/12)= 0.0075

Future value= $51,607.5

To calculate the monthly deposit, we need to use the following formula:

FV= {A*[(1+i)^n-1]}/i

A= monthly deposit

Isolating A:

A= (FV*i)/{[(1+i)^n]-1}

A= (51,607.5*0.0075) / [(1.0075^60) - 1]

A= $684.23

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