SOLUTION: How much money should be deposited today in an account that earns 10.5% compounded monthly so that it will accumulate to $22,000 in four years?

Question 316660: How much money should be deposited today in an account that earns 10.5% compounded monthly so that it will accumulate to $22,000 in four years?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
How much money should be deposited today in an account that earns 10.5% compounded monthly so that it will accumulate to $22,000 in four years?
.
Compound interest formula:

Where
A is amount after time t
P is the principal
i is the interest
n is number of times compounded
t is time (in years)
.

Plugging in what was given:

$19,816.19 = P

RELATED QUESTIONS
how much money should be deposited today in an account that earns 3.5% compounded monthly (answered by htmentor)

How much money should be deposited today in an account that earns 5% compounded monthly... (answered by rfer)

how much money should be deposited today in an account that earns 4.5% compounded monthly (answered by Fombitz)

How much money should be deposited today in an account that earns 6% compounded monthly... (answered by ewatrrr)

How much money should be deposited today in an account that earns 5% compounded... (answered by rfer)

how much money should be deposited today in an account that earns 5% compounded... (answered by rfer)

How much money should be deposited today in an account that earns 4% compounded... (answered by Fombitz)

how much money should be deposited today in an account that earns 3% compounded annually... (answered by oscargut)