Asked by Ann

How much should be deposited into an account today if it is to accumulate to $32400 in 30 years if the account bears interest at 8.01% compounded monthly?


I did A = 32400(1 + 0.0801/12)^(12*30) = $355,375, but that's wrong...

Answers

Answered by Steve
you figured how much will be there in 30 years if 32400 is deposited now. You want
A(1 + 0.0801/12)^(12*30) = 32400
A = 2953.95
Answered by Ann
thanks!
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