SOLUTION: How much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate to $8000 in 11 years?

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Question 217776: How much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate to $8000 in 11 years?
Answer by rfer(10432) About Me  (Show Source):
You can put this solution on YOUR website!
FV=P(1+r/n)^n*t
P=FV/(1+r/n)^n*t
P=8000/(1.025)^22
P=8000/1.721571398
P=$4647