Register

How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three​ years?

How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three​ years?
asked 15.5k views
5 votes
How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three​ years?

asked
User Jcburns
by
8.5k points

1 Answer

4 votes
In 12 months multiple by 3%= $400. $400÷36 months=11 payments So,if,you deposit an equally monthly payment of $361.12, in three years u should accumulate $13,000
answered
User PERPO
by
8.1k points
← Prev Question Next Question →

No related questions found

Ask a Question
Welcome to Qamnty — a place to ask, share, and grow together. Join our community and get real answers from real people.

Categories

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
Link Copied!