Question

Find how much money needs to be deposited now into an account to obtain $7,300 (Future Value) in 6

years if the interest rate is 2.5% per year compounded monthly (12 times per year).
The final amount is $
Round your answer to 2 decimal places

Answer 1

x= $6,284.15

Explanation:

7300 = x(1 + .025/12)^72

x =
`(7300)/((1 + (.025)/(12) )^(72) )`

x= $6,284.15