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Danielle plans on making monthly payments into an account that earns 2.5% compounded monthly. If she wants $10,000 in 22 years, what do her payments need to be?

Danielle plans on making monthly payments into an account that earns 2.5% compounded monthly. If she wants $10,000 in 22 years, what do her payments need to be?
asked 138k views
5 votes
Danielle plans on making monthly payments into an account that earns 2.5% compounded monthly. If she wants $10,000 in 22 years, what do her payments need to be?

asked
User Ehmad
by
7.4k points

1 Answer

5 votes

Answer:

5,500

Explanation:

I=PRT/100

Then

I = 2.5*10,000*22/100

I=#5,500

answered
User Tanvir Ather
by
7.3k points
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