Asked by V
How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumlate to $8,000.00 in three years?
Answers
Answered by
Reiny
monthly rate = .065/12 = .00541666..
so
x(1.00541666..)^36 = 8000
x = 8000/1.005416666^36 = 6586.14
so
x(1.00541666..)^36 = 8000
x = 8000/1.005416666^36 = 6586.14
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