We assume that we are asked of the monthly contribution made by Melanie to a ROTH IRA. The give data are below:
Period = 34 years * 12 months = 408 months
Total contributions = $3,750
Solving for the monthly contribution, we have the solution below:
Monthly Contribution = Total contribution / period
Monthly contribution = $3750 / 408
Monthly contribution = $9.2
The answer is $9.2 monthly contribution.
