## Math Problem Statement

You wish to have $18,822 in 11 years. How much money would you need to deposit now into an account earning 4.5% compounded monthly in order to have $18,822 in 11 years? Round your answer to two decimal places.

## Solution

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## Math Problem Analysis

### Mathematical Concepts

Compound Interest

Exponential Growth

Algebra

### Formulas

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

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

### Theorems

Compound Interest Formula

### Suitable Grade Level

Grades 9-12

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