SOLUTION: with the rate of 4.5% compounded monthly over 8 years, what would you have to invest inorder to accrue $4,605.54 total?

SOLUTION: with the rate of 4.5% compounded monthly over 8 years, what would you have to invest inorder to accrue $4,605.54 total?

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Question 138399: with the rate of 4.5% compounded monthly over 8 years, what would you have to invest inorder to accrue $4,605.54 total?
Answer by oscargut(2103) (Show Source): You can put this solution on YOUR website!
r=0,045
n=96 months
C= amount to invest
4605,54=C(1,045)^96
4605,54=C(68,4169773)
C=67,32
Answer: $67,32
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