SOLUTION: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 6% interest compounded monthly.
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Question 1148449: How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 6% interest compounded monthly.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
this is 4000=Po(1+(.06)/12)^60
4000=1.34*Po, but round only at end
Po=$2965.49
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