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You want to have $10,000 in your account after five years. Find the amount your initial deposit should be if the account pays 3.5% annual interest compounded monthly.

You want to have $10,000 in your account after five years. Find the amount your initial deposit should be if the account pays 3.5% annual interest compounded monthly.
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2 votes
You want to have $10,000 in your account after five years. Find the amount your initial deposit should be if the account pays 3.5% annual interest compounded monthly.

User Israel Perales
by
8.2k points

1 Answer

3 votes

Answer: 8396.71

Explanation:

User Ian Fiske
by
8.0k points
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