Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $30,000 after 12 years invested in an account with 6.3% interest compounded monthly. The amount to be invested now, or the present value needed, is $

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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O
Use the present value formula to determine the amount to be invested now, or the present value needed.
The desired accumulated amount is $30,000 after 12 years invested in an account with 6.3% interest compounded monthly.
O
O
The amount to be invested now, or the present value needed, is $
(Round to the nearest cent as needed.)
Transcribed Image Text:D O Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $30,000 after 12 years invested in an account with 6.3% interest compounded monthly. O O The amount to be invested now, or the present value needed, is $ (Round to the nearest cent as needed.)
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