PRE-CALC no links. How much should be deposited in an account paying 3% interest, compounded monthly, in order to have a balance of $9,000 after 17 years and 3 months?

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Tim Jacobs asked Jun 28, 2022

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37 votes

PRE-CALC no links.

How much should be deposited in an account paying 3% interest, compounded monthly, in order to have a balance of $9,000 after 17 years and 3 months?

Mathematics
high-school

Tim Jacobs asked Jun 28, 2022

by Tim Jacobs

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1 Answer

13 votes

Answer:

$5367.54

Explanation:

9000 = P(1 + .03/12)^207*

9000 = P×1.676744643

P = 5367.54

*207 = 12 x 17.25

Darline answered Jul 4, 2022

by Darline

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