Question

How much money would a person need to deposit today at 9% annual interest compounded monthly to have 12000. in the account after 6 Years?

Answer 1

PV = 12000(1 + .09/12)^-72
= 12000(1.0075)^-72
= $7007.08

Answer 2

Thank you very much. I just needed the formula and you provided that so now I understand to resolve these type of problems