Question

How much would you need to deposit in an account now in order to have $2000 in the account

in 5 years? Assume the account earns 6% interest compounded monthly.

Answer 1

$946.21

Explanation:

Answer 2

$1950.74

Explanation:

step 1

x(1 + 0.06/12)^5=2000

step 2

x= 2000/(1 + 0.06/12)^5

= 1950.741337