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1 March, 13:34

How much money should be deposited today in an account that earns 6% compounded monthly so that it will accumulate to $9000 in three years?

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  1. 1 March, 17:32
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    The formula is

    A=p (1+r/k) ^kt

    A future value 9000

    P present value?

    R interest rate 0.06

    K compounded monthly 12

    T time 3years

    We need to solve for p

    P=A: (1+r/k) ^kt

    P=9,000: (1+0.06:12) ^ (12*3)

    P=7,520.80
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