Math Problem Statement
How much money should be deposited today in an account that earns 4.5 % compounded monthly so that it will accumulate to $ 11 comma 000 in 4 years?
Solution
Ask a new question for Free
By Image
Drop file here or Click Here to upload
Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 11-12
Related Recommendation
Calculate Initial Deposit for $11,000 at 4.5% Compounded Monthly for 4 Years
Monthly Deposits to Accumulate $11,000 with 7% Interest Over 5 Years
Calculate Initial Deposit for $18,822 with 4.5% Interest Compounded Monthly
Calculate Semi-Annual Deposits for $4,000 with 6% Interest Compounded Semi-Annually
Calculate the Initial Deposit Needed for $4000 with 7% Interest Compounded Monthly Over 5 Years