How much should be invested today at 6.15% compounded monthly to have $12,000 in 7 years?

Answer 1

12,000=P(1+.0615/12)^(7*12)
take ln of each side...

ln(12000)=lnP + 7*12*Ln(1+.0615/12)

lnP=ln(12000)-7*12*ln(1+.0615/12)
pasting this into the google search window:
ln(12000)-7*12*ln(1+.0615/12)=
8.963
so P= e^8.963=7808

Answer 2

stop posting your homework under multiple names....