Question

how much would you need to deposit in an account now in order to have $5000 in the account in 15 years? assume the account earns 3% interest compounded monthly.

Answer 1

C= p (1+ r/m) ^ mt
= 5,000(1+ 0.03/12)^12(15)
=5,000(1+0.0025)^180
=5,000(1.0025)^180
=5,000(1.56743172467)
= 7837.15862334
= 7837.16 answer

Answer 2

$2250

Step-by-step explanation:

Multiply principal x rate x time;

P; 5000 R; 15 years T; 3%

Multiply; 5000x15x3%= $2250

Final Answer; $2250