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How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumulate to $9000 in three years?

How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumulate to $9000 in three years?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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K How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumulate to $9000 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.) a V E 1. W (0,0) More X ENC g
Transcribed Image Text:K How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumulate to $9000 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.) a V E 1. W (0,0) More X ENC g
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=P(1+1) nt P= A (¹+3) Print QLO nt A=Pet a Done hp Y = 1 Xed monthly
Transcribed Image Text: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=P(1+1) nt P= A (¹+3) Print QLO nt A=Pet a Done hp Y = 1 Xed monthly
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