Answer:
$ 388.77
Step-by-step explanation:
First, let's change the annually interest(ia) for monthy (im):
(1+ im)¹² = 1 + ia
(1 + im)¹² = 1 + 0.04125
1 + im = [tex]1.04125^{1/12}[/tex]
1 + im = 1.00337
im = 0.00337
im = 0.337%
The total amount (A) of the investment can be calculated by:
[tex]A = R*(\frac{(1+i)^n -1}{i})[/tex]
Where R is the amount invested by month, n is the number of months, and i is the interest.
10 years = 10*12 = 120 months
[tex]A = R*(\frac{(1+0.00337)^120 -1}{0.00337})[/tex]
50,000= R*147.59
R = $ 388.77
