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How much must be deposited in a bank account earning 12% compounded annually to have $4,614 after 18 years?

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asked May 16, 2019 179k views

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How much must be deposited in a bank account earning 12% compounded annually to have $4,614 after 18 years?

Mathematics
college

Glampert asked

by Glampert

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A = P*(1 +r)^t
4614 = P*1.12^18
4614/7.689966 = 600.00

$600 must be deposited to have $4614 after 18 years.

Lazaros Papadopoulos answered May 21, 2019

by Lazaros Papadopoulos

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How much must be deposited in a bank account earning 12% compounded annually to have $4,614 after 18 years?

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