Aubree is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.675%. If Aubree would like to end up with $7,000 after 2 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)^(n)-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 Answer:

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Aubree is saving money and plans on making monthly contributions into an account earning a monthly interest rate of  0.675%. If Aubree would like to end up with  $7,000 after 2 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)^(n)-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 Answer:

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Identify Given Values: Identify the given values from the problem. A = $7,000 (future value of the account) i = 0.675% per month (interest rate per period) n = 2 years * 12 months/year = 24 months (number of periods) We need to find the value of d (the amount invested at the end of each period).Convert Interest Rate: Convert the interest rate from a percentage to a decimal. i = 0.675% = 0.675/100 = 0.00675Plug Values into Formula: Plug the values into the formula to solve for d. A = d * (((1 + i)^(n) - 1) / i) $7,000 = d * (((1 + 0.00675)^(24) - 1) / 0.00675)Calculate Value Inside Parentheses: Calculate the value inside the parentheses. (1 + 0.00675)^(24) - 1 = (1.00675)^(24) - 1 = 1.00675^24 - 1 = 1.177978 - 1 = 0.177978Divide by Interest Rate: Divide the result by the interest rate i. 0.177978 / 0.00675 = 26.3691852Divide Future Value by Result: Divide the future value A by the result from Step 5 to solve for d. $7,000 / 26.3691852 = 265.449Round Monthly Contribution: Round the monthly contribution to the nearest dollar. d ≈ $265 (to the nearest dollar)

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