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She needs to put now $8190.0 into the account
Step-by-step explanation:
The formula of the future value of the compounded monthly interest is
, where
1. FV is the future value
2. P is the money invested
3. r is the annual rate in decimal
4. n is the period of time
5. t is the number of years
Janet wants to invest a sum of money that will grow to $10,000 in five
years, into an account that pays 4% interest per year, compounded
monthly
∵ FV = $10,000
∵ r = (4/100) = 0.04
∵ n = 12 ⇒ compounded monthly
∵ t = 5 years
- Substitute these values in the formula above
∴
∴
∴ 10,000 = P(1.220996594)
- Divide both sides by 1.220996594
∴ P = $8190.0
She needs to put now $8190.0 into the account
Learn more:
You can learn more about interest in brainly.com/question/12773544
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