Respuesta :
The required answers are calculated by using the simple interest formula:
a. She needs to deposit $793.65 in the account each month
b. The total money she put into an account for a year is $285,714.29
c. The total interest she earns is $514,285.71
What is the formula for simple interest?
The formula for the simple interest is
A = P(1 + RT)
Where,
A - amount after T years
P - principal amount
R - the rate of interest
T - time (years)
Calculation:
It is given that,
A = 8,00,000
T = 30 years
R = 6% = 0.06
So,
a. Finding the amount needs to deposit in the account each month:
We have A = P(1 + RT)
⇒ P = A/(1 + RT)
On substituting,
P = 8,00,000/(1 + 0.06×30)
= 8,00,000/2.8
= $285,714.29(per year)
Thus, the amount needs to deposit in the account for each month
= P/T×12
= 285,714.29/30×12
= $793.65
b. Finding the total money that she put into account:
That is nothing but,
P = A/(1 + RT)
On substituting,
P = 8,00,000/(1 + 0.06×30)
= 8,00,000/2.8
= $285,714.29(per year)
c. FInding the total interest:
We have I = A - P
⇒ I = 8,00,000 - 285,714.29
∴ I = $514,285.71
Therefore, a. $793.65, b. $285,714.29, and c. $514,285.71
Learn more about the simple interest here:
https://brainly.com/question/25296782
#SPJ1
