How much money should be deposited today in an account that earns 7% compounded semiannually 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.)

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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Question
How much money should be deposited today in an account that earns 7% compounded semiannually 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.)
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.
nt
A
A=
P =
A = Pert
Y =
- 1
nt
r
1+.
Transcribed Image Text:How much money should be deposited today in an account that earns 7% compounded semiannually 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.) 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. nt A A= P = A = Pert Y = - 1 nt r 1+.
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