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How much must you deposit in an account that pays 8% interest, compounded monthly, to have balance of $1000 after three years? Please Help!!!

How much must you deposit in an account that pays 8% interest, compounded monthly, to have balance of $1000 after three years? Please Help!!!
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How much must you deposit in an account that pays 8% interest, compounded monthly, to have balance of $1000 after three years? Please Help!!!

How much must you deposit in an account that pays 8% interest, compounded monthly-example-1
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User Espen
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1 Answer

3 votes

Answer:

$240

Step-by-step explanation: 8 % over 100 then x over 1000 8×1000=8000÷100=80×3=240

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User Clarkey
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