SOLUTION: How much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to $15,000 in three years?
The amount of money that sh
Question 1176318: How much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to $15,000 in three years?
The amount of money that should be deposited is $__.
(Round up to the nearest cent.) Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!
Hi
In General
A = Accumulated Amount 15000
P= principal =
r= annual rate = .08
n= periods per year = 2
t= years = 3
P = $11,854.72 (rounded to nearest cent)
Wish You the Best in your Studies.