Faith is saving money and plans on making monthly

Last updated: 7/15/2022

Faith is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.75%. If Faith would like to end up with $87, 000 after 7 years, how much does she need to contribute to the account every month, to the nearest dollar? Use the following formula to determine your answer. A = d ((1 + i)” - 1)/i) A = the future value of the account after n periods d = the amount invested at the end of each period i = the interest rate per period n = the number of periods