CrystalLoveee
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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 :

sqdancefan

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.

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You are solving for P:

  13000 = P(1 +0.08/12)^(12×3)

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

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