Xin is planning to save $⁢300,000 in 10 years. The account has an annual interest rate of 4.5% compounded monthly. What is the required monthly deposit? Use the following formula: P=(F⁢V⋅(r)/(n))/((1+(r)/(n))^n⁢t−1)

There are 12 monthly deposits per year, so the monthly interest rate is 0.045 ÷ 12 = 0.00375, and the total number of months is 12 × 10 = 120. Substituting into the formula gives P = 300,000(0.00375) ÷ ((1.00375)^120 − 1) ≈ $1,984.15. The required monthly deposit is $1,984.15, choice C.

AI-written and checked against the verified answer.