Respuesta :
Answer:
amount need to invest in a month = $ 40.84
Step-by-step explanation:
given data
Future value A = $500
interest rate r = 4% = 0.04
Time period t = 6 month = 0.5 year
solution
we get here future value formula that is
A = [tex]P\times (1+\frac{r}{n})^{nt}[/tex] .....................1
here n is 12 in a year and r is are and t is time period
put here value and we get
$500 = [tex]P\times (1+\frac{0.04}{12})^{12\times 0.5}[/tex]
solve it we get
P = $490.11
so amount need to invest in a year= $490.11
and amount need to invest in a month = [tex]\frac{490.11}{12}[/tex]
amount need to invest in a month = $ 40.84
