Register

PRE-CALC no links. How much should be deposited in an account paying 3% interest, compounded monthly, in order to have a balance of $9,000 after 17 years and 3 months?

PRE-CALC no links. How much should be deposited in an account paying 3% interest, compounded monthly, in order to have a balance of $9,000 after 17 years and 3 months?
asked 204k views
0 votes
PRE-CALC no links.

How much should be deposited in an account paying 3% interest, compounded monthly, in order to have a balance of $9,000 after 17 years and 3 months?

asked
User Oskros
by
8.1k points

1 Answer

2 votes

Answer:

$5367.54

Explanation:

9000 = P(1 + .03/12)^207*

9000 = P×1.676744643

P = 5367.54

*207 = 12 x 17.25

answered
User Scott Skiles
by
8.6k 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 =
What is .725 as a fraction
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!