CrystalLoveeeidn
Answered

Join the IDNLearn.com community and start getting the answers you need today. Join our interactive community and get comprehensive, reliable answers to all your questions.

How much money should be deposited today in an account that earns 8% compounded monthly so that it will accumulate to 13,000 thousand and three years? PLEASE HELP

How Much Money Should Be Deposited Today In An Account That Earns 8 Compounded Monthly So That It Will Accumulate To 13000 Thousand And Three Years PLEASE HELP class=

Sagot :

Sqdancefanidn

Answer:

  $10,234.31

Step-by-step explanation:

A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.

__

You are solving for P:

  13000 = P(1 +0.08/12)^(12×3)

  P = 13000/(1 +0.08/12)^36 ≈ 10,234.31

View image Sqdancefan
We appreciate your contributions to this forum. Don't forget to check back for the latest answers. Keep asking, answering, and sharing useful information. Discover the answers you need at IDNLearn.com. Thank you for visiting, and we hope to see you again for more solutions.