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 $ 11,000 in 4 ​years?

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

A = P(1 + r/n)^(nt)

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 10-12