How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balanc of $1000 after 3 years?

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asked Jul 1, 2019 57.9k views

3 votes

How much must you deposit in an account that pays 8% interest, compounded monthly, to have a balanc of $1000 after 3 years?

Mathematics
high-school

Nikhil Bhatia asked

by Nikhil Bhatia

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1 Answer

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1,000÷(1+0.08÷12)^(12×3)
=787.25

Tim Blackburn answered Jul 7, 2019

by Tim Blackburn

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