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You want to deposit 6% of $53,070.00 each year into an IRA(Individual Retirement Account). After finding you will deposit $3,184.2 in one year, find how much you will deposit per month.

Respuesta :

Answer:

$265.35

Explanation:

First, recall that:

[tex]\begin{gathered} 6\%\text{ of }\$53,070.00=0.06\times\$53,070.00 \\ =$\$3,184.2$ \end{gathered}[/tex]

Since the annual deposit is $3,184.2, divide by 12 to find the monthly deposit.

[tex]\begin{gathered} \text{Monthly Deposit=}\frac{3,184.2}{12} \\ =\$265.35 \end{gathered}[/tex]

Each month, the amount to be deposit is $265.35.

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