Emily is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.375%. If Emily would like to end up with $4,000 after 13 months, 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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Emily is saving money and plans on making monthly contributions into an account earning a monthly interest rate of  0.375%. If Emily would like to end up with  $4,000 after 13 months, 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 (future value of the account) = $4,000 i (interest rate per period) = 0.375% per month or 0.00375 in decimal form n (number of periods) = 13 months We need to find d (the amount invested at the end of each period).Convert Interest Rate: Convert the interest rate from a percentage to a decimal. i = 0.375% = 0.375 / 100 = 0.00375Substitute Values into Formula: Substitute the values into the formula. A = d * (((1 + i)^(n) - 1) / i) $4,000 = d * (((1 + 0.00375)^(13) - 1) / 0.00375)Calculate Value Inside Parentheses: Calculate the value inside the parentheses. (1 + 0.00375)^(13) - 1 = (1.00375)^(13) - 1 = 1.05016 - 1 = 0.05016Divide by Interest Rate: Divide the result by the interest rate. 0.05016 / 0.00375 = 13.376Solve for d: Solve for d by dividing the future value A by the result from Step 5. d = $4,000 / 13.376 d ≈ 299.11Round Monthly Contribution: Round the monthly contribution to the nearest dollar. d ≈ $299.11 Emily needs to contribute approximately $299 per month.

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