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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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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?

User Oskros
by
4.7k points

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

User Scott Skiles
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4.1k points
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