Math Problem Statement

How much would you need to deposit in an account now in order to have 4000 in the account in 15 years? Assume the account earns 6% interest compounded monthly

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

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

Theorems

Compound Interest Theorem

Suitable Grade Level

Grades 9-12