You would like to have $8000 in an account after four years time if the account earns 4% compound interest yearly how much would
you have to deposit today
1 answer:
Answer:
http://www.1728.org/compint2.htm
Principal = Total ÷ (1 + Rate) ^ years
Principal = $8,000 / (1.04) ^ 4
Principal = $8,000 / 1.16985856
Principal = 6,838.43
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