Answer:
The amount deposited today is $56,603.77
Explanation:
First of all, let us lay out the information clearly :
final amount to be realized = $60,000
return on investment = 6% = 0.06
Let the amount to be invested be P
6% of P + P = $60,000
0.06P + P = 60,000
1.06P = 60,000
∴ P = 60,000 ÷ 1.06 = 56,603.77 ( to 2 decimal places).
Therefore, the amount deposited today, that will yield a 6% return on investment to yield $60,000 is $56,603.77
