P = Po(1+r)^n = $3,000.
r = 0.06/12mo. = 005/mo.
n = 12Comp./yr. * 5yrs. = 60 Compounding periods.
Po(1.005)^60 = 3000, Po = ?.
What is the present value of an investment that will be worth $ 3000$ 3000 at the end of five years? Assume an APR of 6% compounded monthly.
1 answer
1 answer