Asked by Gail

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?
Answered by Reiny
PV = 12000(1 + .09/12)^-72
= 12000(1.0075)^-72
= $7007.08
Answered by Gail
Thank you very much. I just needed the formula and you provided that so now I understand to resolve these type of problems
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