Mohal is saving money and plans on making monthly contributions into an account earning a monthly interest rate of 0.45%. If Mohal would like to end up with $19,000 after 30 months, how much does he 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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Mohal is saving money and plans on making monthly contributions into an account earning a monthly interest rate of  0.45%. If Mohal would like to end up with  $19,000 after 30 months, how much does he 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) = $19,000 i (interest rate per period) = 0.45% per month, which is 0.0045 in decimal form n (number of periods) = 30 months We need to find the value of d (the amount invested at the end of each period).Plug Values into Formula: Plug the given values into the formula to solve for d. The formula is A = d * (((1 + i)^(n) - 1) / i). We have A = $19,000, i = 0.0045, and n = 30.Calculate (1 + i)^n: Calculate the value inside the parentheses (1 + i)^n. (1 + i)^n = (1 + 0.0045)^30 Use a calculator to find the value. (1 + 0.0045)^30 ≈ 1.142475Calculate ((1 + i)^n - 1): Calculate the numerator of the formula ((1 + i)^n - 1). ((1 + i)^n - 1) = 1.142475 - 1 ((1 + i)^n - 1) ≈ 0.142475Calculate Value of d: Calculate the value of d using the formula. d = A / (((1 + i)^n - 1) / i) d = $19,000 / (0.142475 / 0.0045) First, calculate the denominator of the fraction. 0.142475 / 0.0045 ≈ 31.6611Divide to Find d: Now, divide the future value A by the result from Step 5 to find d. d = $19,000 / 31.6611 d ≈ $600.18 Since we need to round to the nearest dollar, d ≈ $600.

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