Help a math nub out!
William wants to have a total of $4,000 in two years so that he can put a hot tub on his deck. He finds an account that pays 5% interest compounded monthly. How much Should William put into this account so that he'll have $4,00 at the end of two years?
And furthermore:
Suppose William from the problem above , only has $3400 to invest but still wants $4000 for a hot tub. He finds a bank offering 5.25% interest compounded quarterly. How long will he have to leave his money in the account to have $4000?