Unfortunately, Jennifer doesn't have enough money in her account right now. She needs to make additional contributions at the end of each of the next four years to be able to pay for the repairs. Her account currently has $4,000, which, along with her additional contributions, is expected to continue earning 7% annual interest. If she makes equal contributions each year, how large must each contribution be for Jennifer to have $9,000 after four years?

Answer rating: 100% (QA)

To find out the size of each contribution Jennifer needs to make we can set up an equat... View the full answer