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.Com
Question 223791: 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 rfer(16322) (Show Source): You can put this solution on YOUR website!
P=4000/(1+.08/12)^12*5
P=4000/(1.006666)^60
P=4000/1.4897865
P=$2685
RELATED QUESTIONS
how much money should Sheila invest in an account that earns 8% annual interest... (answered by jojo14344)
How much money should Sheila invest in an account that earns 8% annual interest... (answered by MathTherapy)
How much money should Sheila invest in an account that earns 8% annual interest... (answered by solver91311)
Interest rate
How much money should be invested in an account that earns 9%... (answered by addingup,MathTherapy)
How much money should be invested in an account that earns 9% interest, compounded... (answered by Theo,josgarithmetic)
How much would you need to deposit in an account at the end of each month in order to... (answered by Theo)
How much money should be invested in an account that earns 9% interest, compounded... (answered by mananth)
how much money should be invested in an account that earns 9% interest, compounded... (answered by mananth)
How much money should be invested in an account that earns 9% interest,compounded... (answered by checkley79)