Question

How much money should be deposited today in an account that earns 5.5% compounded monthly so that it will accumulate to $12,000 in three​ years?
The amount of money that should be deposited is ​$

Answer 1

Answer:

MaybeIf you do 12,000 times 5.5 and didved by 100?

Step-by-step explanation:

Answer 2

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\dotfill&12000\\ P=\textit{original amount deposited}\dotfill\\ r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly, thus twelve} \end{array}\dotfill &12\\ t=years\dotfill &3 \end{cases}$

$\bf 12000=P\left(1+\frac{0.055}{12}\right)^{12\cdot 3}\implies 12000=P(1.00458\overline{3})^{36} \\\\\\ \cfrac{12000}{(1.00458\overline{3})^{36}}=P\implies 10178.56\approx P$