How much would you need to deposit in an account now in order to have $4000 in the account in 15 years? Assume the account earns
4% interest compounded monthly. Round to the nearest cent
1 answer:
Answer:
$2500
Step-by-step explanation:
CA=p(1+MR÷1200)
4000=p(1+180×4÷1200) 15 yrs =15×12=180 month
4000=1.6p
p=4000÷1.6
p=2500
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