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How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years? Click the icon to view some finance formulas. .

How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years? Click the icon to view some finance formulas. .

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years? Click the icon to view some finance formulas. > The amount of money that should be deposited is $ (Round up to the nearest cent.) W - X Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A A=P[1+-)m P= A=Pent Y = (₁+)²-₁ 1 (₁+1) nt
Transcribed Image Text:How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years? Click the icon to view some finance formulas. > The amount of money that should be deposited is $ (Round up to the nearest cent.) W - X Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A A=P[1+-)m P= A=Pent Y = (₁+)²-₁ 1 (₁+1) nt
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