Tanya is 42 years old. She would like to open a retirement account so that she will have one half million dollars in the account when she retires at the age of 65. How much must she deposit each month into an account with an APR of 2.75% in order to reach her goal?

x=60

Step-by-step explanation:

Simplifying

0.79x + 24 = 1.19x

Reorder the terms:

24 + 0.79x = 1.19x

Solving

24 + 0.79x = 1.19x

Solving for variable 'x'.

Move all terms containing x to the left, all other terms to the right.

Add '-1.19x' to each side of the equation.

24 + 0.79x + -1.19x = 1.19x + -1.19x

Combine like terms: 0.79x + -1.19x = -0.4x

24 + -0.4x = 1.19x + -1.19x

Combine like terms: 1.19x + -1.19x = 0.00

24 + -0.4x = 0.00

Add '-24' to each side of the equation.

24 + -24 + -0.4x = 0.00 + -24

Combine like terms: 24 + -24 = 0

0 + -0.4x = 0.00 + -24

-0.4x = 0.00 + -24

Combine like terms: 0.00 + -24 = -24

-0.4x = -24

Divide each side by '-0.4'.

x = 60

Simplifying

x = 60