How much would you need to deposit in an account now in order to have $3000 in the account in 15 years? Assume the account earns
3% interest compounded monthly.
1 answer:
Answer:
Principal = Total ÷ (1 + Rate)^years
That formula is found here: http://www.1728.org/compint2.htm
Principal = 3.000 / (1.03) ^ 15
Principal = 3.000 / 1.5579674166
Principal = $1,925.59
Step-by-step explanation:
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