Question

. Suppose someone has $500 to start and will make deposits for each month for the next 2 years. The bank is offering a 3% annual interest rate. How much will the person have to save per month to reach $3,500?

Answer 1

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so by the end of 6th month, you will cross 3500

Shortcuts S Reset Copy +14 Python 3 1 total = 0 2 n= 0 3. while total<=3500: n+=1 total = total+ total*(3/12 )* (1/100) + 500 print("start of the", n, "months the total is", total) 7 print(n) 5 No non on 3 ala & JS Input Goes Here.. Copy > Run > Run+URL (Generates URL as Time(sec): 0.02 Memory(MB): 0.125 Output: Copy start of the 1 months the total is 500.0 start of the 2 months the total is 1001.25 start of the 3 months the total is 1503.753125 start of the 4 months the total is 2007.5125078125 start of the 5 months the total is 2512.5312890820314 start of the 6 months the total is 3018. 8126173047367 start of the 7 months the total is 3526.3596488479984