SOLUTION: Find how much money needs to be deposited now into an account to obtain $7700 in 15 years if the interest rate is 8% per year compounded monthly

SOLUTION: Find how much money needs to be deposited now into an account to obtain $7700 in 15 years if the interest rate is 8% per year compounded monthly

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Question 1167806: Find how much money needs to be deposited now into an account to obtain $7700 in 15 years if the interest rate is 8% per year compounded monthly
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is P=Po(1+(r/t))^15
7700=Po(1+(.08/12))^180, which is number of months in 15 years
7700=Po(3.307) but don't round on yet using a calculator.
Po=$2328.45

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