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?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked Jan 10, 2022 204k views

0 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

Oskros asked

by Oskros

3.9k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

2 votes

Answer:

$5367.54

Explanation:

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

9000 = P×1.676744643

P = 5367.54

*207 = 12 x 17.25

Scott Skiles answered Jan 17, 2022

by Scott Skiles

3.2k points

0 Comments

Please log in or register to add a comment.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.5m questions

4.4m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

1 Answer

0 Comments

Please log in or register to add a comment.

Other Questions