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Juan has a goal of saving up $59377 by making biweekly (26 per year) deposits into...

Juan has a goal of saving up $59377 by making biweekly (26 per year) deposits into a savings account for the next 7 years. If the account has an annual interest rate of 0.7%, how much should each of his deposits be? Round your answer to the nearest dollar.

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Answer #1

Answer :-

Future value = $59377

Time ( n ) = 7 years * 26 biweekly per year

= 182

Time ( n ) = 182

Annual interest rate ( r ) =  0.7% / 26  biweekly

= 0.7 / 2600

Annual interest rate ( r ) = 0.0002692

Here we need to find out the each deposit ( R ).

This is the formula for finding the Each deposit .

Each deposit ( R ) = $318 .

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