SOLUTION: 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 3% interest compounded monthly.
$____
Algebra.Com
Question 1201297: 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 3% interest compounded monthly.
$____
Answer by josgarithmetic(39617) (Show Source): You can put this solution on YOUR website!
p quantity for 15 years at 3% compounded monthly
Monthly rate is (1/4)% or 0.0025.
15 years is 180 monthly compounding periods.
Solve for p.
RELATED QUESTIONS
How much would you need to deposit in an account now in order to have $4000 in the... (answered by ikleyn,josgarithmetic)
How much would you need to deposit in an account now in order to have $4000 in the... (answered by ikleyn)
How much would you need to deposit in an account now in order to have $20,000 in the... (answered by Alan3354)
How much would you need to deposit in an account now in order to have $4000 in the... (answered by Boreal)
how much would you need to deposit in an account now in order to have $6000 in
the... (answered by stanbon)
how much would you need to deposit in an account now in order to have $6000 in the... (answered by Theo)
How much would you need to deposit in an account now in order to have $6000 in the... (answered by ikleyn)
How much would you need to deposit in an account now in order to have $6000 in the... (answered by mathmate)
How much would you need to deposit in an account now in order to have $20000 in the... (answered by Fombitz)