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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