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