A certain sum of money will be deposited in a savings account that pays interest at the rate of 6% per year, compounded annually. If all of the money is allowed to accumulate, how much must be deposited initially so that $5,000 will have accumulated after 10 years

Economics Today and Tomorrow, Student Edition
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Chapter6: Saving And Investing
Section6.1: Why Save?
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A certain sum of money will be deposited in a savings account that pays interest at the rate of 6% per year, compounded annually. If all of the money is allowed to accumulate, how much must be deposited initially so that $5,000 will have accumulated after 10 years
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