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Answer:
You have to invest $5,020.71 to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.
Step-by-step explanation:
Let the principal be x
Amount = $6000
Time = 4 years 3 months =
Rate of interest =
No. of compounds per year = 12
Formula:
=P
P=$5,020.71
Hence You have to invest $5,020.71 to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.