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An amount P at 4.5% for 12 years compounded monthly increased to $20000.00. What is P? (Round answer to cents)

An amount P at 4.5% for 12 years compounded monthly increased to $20000.00. What is P? (Round answer to cents)
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An amount P at 4.5% for 12 years compounded monthly increased to $20000.00. What is P? (Round answer to cents)

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User Andrew Carl
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1 Answer

4 votes
P x 1.045^12 = 20000 divide by 1.045^12
P = 11793.28
answered
User Ullsokk
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8.3k points
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