Question

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?

Answer 1

monthly rate = .065/12 = .00541666..

so
x(1.00541666..)^36 = 8000
x = 8000/1.005416666^36 = 6586.14