Question 7 • Advanced Financial Algebra
Use the periodic deposit formula with A = $15,000, r = 0.045, n = 12, and t = 5. The monthly rate is 0.045 ÷ 12 = 0.00375, and there are 12 × 5 = 60 deposits. Substituting gives P = 15,000(0.00375) ÷ ((1.00375)^60 − 1) ≈ $223. The nearest-dollar deposit is $223, choice B.
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