SOLUTION: Manny opens a saving account that earns 6% annual interest. His goal is to earn $600 interest in 5 years. How much money does he need to deposit?

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Question 159772This question is from textbook
: Manny opens a saving account that earns 6% annual interest. His goal is to earn $600 interest in 5 years. How much money does he need to deposit?This question is from textbook

Answer by checkley77(12569) About Me  (Show Source):
You can put this solution on YOUR website!
P(1+.06)^6=P+600
P(1.06)^6=P+600
P*1.4185=P+600
1.4185P-P=600
.4185P=600
P=600/.4185
P=$1,433.69 AMOUNT OF THE DEPOSIT.