Question

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

Answer 1

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