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3 years ago

How much would you need to deposit in an account now in order to have $8000 in 8 years. Account earns 6% compounded monthly.

Mathematics

1 answer:

Slav-nsk [51]3 years ago

8 0

Answer:

Step-by-step explanation:

let P be amount deposited.

$8000=P(1+\frac{6}{1200})^{8 \times 12}\\8000=P(1.005)^{96}\\p=\frac{8000}{(1.005)^{96}}\\\approx~4956.19 $$

P≈$4956.19

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