Answer:
$ 637.17
Step-by-step explanation:
First, let's convert the interest per year (iy) to interest per month (im):
(1 + im)¹² = 1 + iy
(1 + im)¹² = 1 + 0.08
1 + im = [tex]1.08^{1/12}[/tex]
1 + im = 1.00643
im = 0.00643
im = 0.643%
The total amount (A) of an investment is:
[tex]A = R*(\frac{(1+im)^{n}-1}{im})[/tex]
Where R is the amount invested per month, and n the number of monthes. So:
[tex]10,000 = R*(\frac{(1.00643)^{15}-1}{0.00643} )[/tex]
10,000 = R*15.6943
R = $ 637.17
