Emma is saving money and plans on making annual contributions into an account earning an annual interest rate of 8% compounded annually. If Emma would like to end up with $18,000 after 15 years, how much does she need to contribute to the account every year, 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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Emma is saving money and plans on making annual contributions into an account earning an annual interest rate of 8% compounded annually. If Emma would like to end up with  $18,000 after 15 years, how much does she need to contribute to the account every year, 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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Given Values: We are given: Future value of the account (A) = $18,000 Annual interest rate (i) = 8% or 0.08 Number of periods (n) = 15 years We need to find the annual contribution (d). We will use the formula A = d * (((1 + i)^(n) - 1) / i) to find d.Plug Values into Formula: First, let's plug the values into the formula and solve for d. A = $18,000 i = 0.08 n = 15 The formula becomes: $18,000 = d * (((1 + 0.08)^(15) - 1) / 0.08)Calculate Inside Parentheses: Now, calculate the part inside the parentheses: (1 + 0.08)^(15) - 1 = (1.08)^(15) - 1 = 3.172 - 1 = 2.172Divide by Interest Rate: Next, divide this result by the interest rate i: 2.172 / 0.08 = 27.15Solve for d: Now, we can solve for d by dividing the future value A by the result we just calculated: d = $18,000 / 27.15 d ≈ 662.974Round to Nearest Dollar: Since we need to find the nearest dollar, we round the result to the nearest whole number: d ≈ $663

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