Please help!!

How much should Kim deposit (one time) in an account earning 1% per month (so r = 12% and k= 12)to
have a $5,000 down payment for her new car after 4 years?

If you could give a step by step that would be great!!

Step-by-step explanation:

Using this formula;

A = P(1 + rt)

A = Amount i.e. $5000

P = Principal or Initial payment

r = rate i.e. 12%

t = 4 years

5000 = P(1 + 0.12 × 4)

5000 = P(1 +0.48)

5000 = P(1.48)

P = 5000 / 1.48

= $3378.378

= $3378

Kim should deposit $3102

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

A = $5000

r = 12% = 12/100 = 0.12

n = 12 because it was compounded 12 times in a year.

t = 4 years

Therefore,

5000 = P(1+0.12/12)^12 × 4

5000 = P(1+0.01)^48

5000 = P(1.01)^48

5000 = 1.612P

P = 5000/1.612

P = $3102

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