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An amount P at 6% for 5 years compounded monthly increased to $15000.00. What is P? (Round answer to cents)

An amount P at 6% for 5 years compounded monthly increased to $15000.00. What is P? (Round answer to cents)
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An amount P at 6% for 5 years compounded monthly increased to $15000.00. What is P? (Round answer to cents)

asked
User Max Brodin
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8.9k points

1 Answer

2 votes
15000 x 1.06^5 = P
P = 11208.87
answered
User Fracz
by
8.2k points
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