SOLUTION: how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years?
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Question 625635: how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years?
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3 yrs --> 6 periods
8%/hr = 4% per period
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13000 = AMT*(1.04)^6
AMT = 13000/(1.04)^6
AMT =~ $10274.09
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