Hi need help! "A sum of money is deposited at the end of every month for 10 years..."

[Deterdoter]

Hi need help! "A sum of money is deposited at the end of every month for 10 years..."

Does anyone know how to do this question?

A sum of money is deposited at the end of every month for 10 years at 7.5%compounded monthly. After the last deposit, interest for the account is to be 6%compounded quarterly and the account is to be paid out by quarterly payments of$4,800 over six years. What is the size of the monthly deposit?

 

[Deleted member 4993]

Does anyone know how to do this question?

A sum of money is deposited at the end of every month for 10 years at 7.5%compounded monthly. After the last deposit, interest for the account is to be 6%compounded quarterly and the account is to be paid out by quarterly payments of$4,800 over six years. What is the size of the monthly deposit?

What are your thoughts?

Please share your work with us ...even if you know it is wrong.

If you are stuck at the beginning tell us and we'll start with the definitions.

You need to read the rules of this forum. Please read the post titled "Read before Posting" at the following URL:

http://www.freemathhelp.com/forum/announcement.php?f=33

 

[stapel]

Does anyone know how to do this question?

A sum of money is deposited at the end of every month for 10 years at 7.5%compounded monthly. After the last deposit, interest for the account is to be 6%compounded quarterly and the account is to be paid out by quarterly payments of$4,800 over six years. What is the size of the monthly deposit?

What formulas have they given you for this? If the monthly amount deposited is "m", what expression shows how much will be in the account at the end of the ten years? Where does this lead?

Please show all of your work and reasoning. Thank you!