SOLUTION: Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 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 $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly.

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Question 1169360: Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly.
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FV = PV*(1 + 0.08/12)^132 = 3100
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