Question

Luanne wants to have $3275 in her bank account in 10 years. How much money should she deposit if her account earns 7.5% interest which is compounded every month?

A. $1589.01
B. $2159.45
C. $1921.53
D. $1550.62

Answer 1

A. $1589.01

I solved this by a simple trial and error by inputing each answer into the equation.

Explanation: