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How much would you need to deposit in an account now in order to have $3000 in the account in 15 years
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How much would you need to deposit in an account now in order to have $3000 in the account in 15 years

User Dmodulus
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1 Answer

1 vote

Answer:

Results are below.

Step-by-step explanation:

Giving the following information:

Future value= $3,000

Number of periods= 15 years

I will assume an interest rate of 8% compounded annually.

To calculate the present value (PV), we need to use the following formula:

PV= FV/(1+i)^n

PV= 3,000/1.08^15

PV= $945.73

User Karthik Reddy
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