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How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three​ years?
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How much money should be deposited today in an account that earns 3 % compounded monthly so that it will accumulate to $13,000 in three​ years?

User Jcburns
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1 Answer

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In 12 months multiple by 3%= $400. $400÷36 months=11 payments So,if,you deposit an equally monthly payment of $361.12, in three years u should accumulate $13,000
User PERPO
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