Skippy wants to have $15,000.00 in 8 years. His bank is offering an account thatearns 2% compounded monthly. How much does he need to deposit to reach hisgoal? Round your final answer up to the nearest cent. Assume no additional depositsor withdrawals are made after the initial deposit.Principal

Future value, F=$15000 Time, t=8 years. Interest rate, i=2%=0.02 Compounded frequency, m=12

Answered: Skippy wants to have $15,000.00 in 8…

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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Skippy wants to have $15,000.00 in 8 years. His bank is offering an account that earns 2% compounded monthly. How much does he need to deposit to reach his goal? Round your final answer up to the nearest cent. Assume no additional deposits or withdrawals are made after the initial deposit.