# SOLUTION: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have \$4,000 in 5 years?

Algebra ->  Algebra  -> Customizable Word Problem Solvers  -> Finance -> SOLUTION: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have \$4,000 in 5 years?      Log On

 Ad: Over 600 Algebra Word Problems at edhelper.com Ad: Algebra Solved!™: algebra software solves algebra homework problems with step-by-step help! Ad: Algebrator™ solves your algebra problems and provides step-by-step explanations!

 Word Problems: Money, Business and Interest Solvers Lessons Answers archive Quiz In Depth

 Click here to see ALL problems on Money Word Problems Question 176414: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have \$4,000 in 5 years?Answer by MathTherapy(1424)   (Show Source): You can put this solution on YOUR website!How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have \$4,000 in 5 years? PV = FV/(1+i/m)^(m)(t) PV = 4,000/(1+.08/12)^(12*5) PV = \$2,684.84