Answer:
1937.98
Step-by-step explanation:
In the given question, to find the value to be added per year we will use the formula
P= A. r/n/ (1 +r/n)ⁿ - 1
Here A = 50,000
r (rate of interest) = 5 % or 0.05.
n = 1
t = 17
P = value deposit per year
therefore, P = (50,000 X 0.05)/ (1 +0.05)¹⁷ - 1
P = 2500 / 2.29- 1
= 1937.98 $.
therefore, person has to deposit 1937.98 $ per month.