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guapka [62]
3 years ago
5

How much would you need to deposit in an account now in order to have $2000 in the account in 5 years? Assume the account earns

2% interest compounded monthly.
Mathematics
2 answers:
Rus_ich [418]3 years ago
7 0

Answer:

$1950.74

Step-by-step explanation:

step 1

x(1 + 0.06/12)^5=2000

step 2

x= 2000/(1 + 0.06/12)^5

= 1950.741337

LenaWriter [7]3 years ago
5 0

Answer: 500

Step-by-step explanation:

formula for interest is

I= Principle x Rate x Time

2% as a decimal is 0.02

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