Future Value Lisa has just turned seven years old. She would like to save some money each month, starting next month, so that on her 21st birthday she will have $1000 in her bank account. Marge told her that with current interest rates her kth deposit will be worth, on her 21st birthday, (1.004)168–k times the deposited amount. Lisa wants to deposit the same amount each month. Write a formula for the amount Lisa needs to deposit each month to meet her goal. Use your calculator to evaluate the required amount.
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