The quotient of 6 times a number and 16
2 answers:
You might be interested in
Answer:
$10,234.31
Step-by-step explanation:
A suitable financial calculator or spreadsheet can evaluate the future value function for you. It will tell you that $10,234.31 must be deposited today to have $13,000 in three years, when interest is 8% compounded monthly.
__
You are solving for P:
13000 = P(1 +0.08/12)^(12×3)
P = 13000/(1 +0.08/12)^36 ≈ 10,234.31
