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How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balanc of $1000 after 3 years?

How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balanc of $1000 after 3 years?
asked 57.9k views
3 votes
How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balanc of $1000 after 3 years?

asked
User Nikhil Bhatia
by
8.9k points

1 Answer

4 votes
1,000÷(1+0.08÷12)^(12×3)
=787.25
answered
User Tim Blackburn
by
8.0k points
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