A young executive deposits $200 at the end of each month for 5 years and then increases the deposits. If the account earns an annual rate of 8.1%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total of $300,000 after 17 years from the time the deposits were increased? Round your answer to the nearest cent.
A) $367.97
B) $1,952.64
C) $1,286.64
D) $900.55
E) $653.90

Question

A young executive deposits $200 at the end of each month for 5 years and then increases the deposits. If the account earns an annual rate of 8.1%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total of $300,000 after 17 years from the time the deposits were increased? Round your answer to the nearest cent. ​
A) $367.97
B) $1,952.64
C) $1,286.64
D) $900.55
E) $653.90

Quizplus · Accepted Answer

The Answer of A young executive deposits $200 at the end of each month for 5 years and then increases the deposits. If the account earns an annual rate of 8.1%, compounded monthly, how much (to the nearest dollar) should each new deposit be in order to have a total of $300,000 after 17 years from the time the deposits were increased? Round your answer to the nearest cent. ​
A) $367.97
B) $1,952.64
C) $1,286.64
D) $900.55
E) $653.90

A Young Executive Deposits $200 at the End of Each