Solution
How much would you need to deposit in an account now in order to have 3000 in the account in 5 years? Assume the account earns 8% interest compounded monthly.
Solution
Solution steps
Translate the problem into an equation:
Solve for
Popular Examples
10911aIf the mean of is 11, which number could a be?A die is rolled twice. Find the probability of getting both odd numbers and the same number on both rollsYou want to have 800,000 when you retire in 10 years. If you can earn 7% interest compounded monthly, how much would you need to deposit now into the account to reach your retirement goal?Marie opened a savings account and deposited 200.00 as principal. The account earns 5% interest, compounded quarterly. How much interest will she earn after 9 years?What is the volume, in cubic m, of a cube with an edge length of 18m?