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?

To determine how much money should be deposited today in an account that earns 4.5% interest compounded monthly, we can use the formula for compound interest:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $A$ is the amount of money accumulated (future value) = $11,000,
- $P$ is the initial deposit (what we need

How much money should be deposited today in an account that earns 4.5% compounded monthly so that it will accumulate to $11,000 in 4 years?

Learn how to calculate the initial deposit required to accumulate $11,000 in 4 years with a 4.5% interest rate compounded monthly. This problem involves compound interest formulas and exponential growth, making it ideal for students in Grades 11-12.

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