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24 July, 03:46

How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years?

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  1. 24 July, 04:14
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    20000=p (1+0.05/12) ^12*9

    Solve for p

    P=20,000: (1+0.05:12) ^ (12*9)

    P=12,764.49
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