Asked by NIck

Suppose you want to end up with $5,000 in a bank account after 4 years earning a rate of 3.5% compounding monthly. How much would you have to initially invest? Round to the nearest dollar.

Thanks a lot in advance!! :)
Answered by Steve
5000=P(1+.035/12)^(12*4)
P = 4347.68
There are no AI answers yet. The ability to request AI answers is coming soon!