Reuben has always dreamed of opening a café by the seaside. he decides he will save to open the café by depositing money in an ordinary annuity that earns 5.4% interest, compounded monthly. deposits will be made at the end of each month. how much money will he need to deposit into the annuity each month for the annuity to have a total value of $24,000 after 9 years? do not round intermediate computations, and round your final answer

$ 66.5

Step-by-step explanation:

Using ordinary Annuity formula

FV=future value=$24000

P=monthly payment

r=rate of interest =5.4%

for monthly

n=number of payments  

P=$ 66.501

sop monthly deposit of  $ 66.5 is required.

step-by-step explanation:

if you want to solve percent error follow these steps.

1. subtract the accepted value from the experimental value.

2. take the absolute value of step 1.

3. divide that answer by the accepted value.

4. multiply that answer by 100 and add the % symbol to express the answer as a percentage.

if you want to solve percent of change just do this.

1. work out the difference (increase) between the two numbers you are comparing.

2. divide the increase by the original number and multiply the answer by 100. if your answer is a negative number then this is a percentage decrease.

hope this : )