Asked by єℓια
If a person wants to have $2000 after 4 years, how much would they have to deposit into an account that pays 6.5% interest compounded monthly?
Answers
Answered by
Reiny
P ---- the amount needed right now
i = .065/12 =
n = 4(12) = 48
P(1 + i)^48 = 2000
insert i, and then solve for P
i = .065/12 =
n = 4(12) = 48
P(1 + i)^48 = 2000
insert i, and then solve for P
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