document.write( "Question 171228: 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. \n" ); document.write( "

Algebra.Com's Answer #126416 by jojo14344(1513) $\"\"$ $\"About$

You can put this solution on YOUR website!
Working Formula ----------> $\"F=P%281%2B%28i%2Fm%29%29%5E%28mn%29\"$
\n" ); document.write( "where ---> $\"system%28F=FutureValue%2CP=Principal%2Ci=interest%2Cm=CoumpoundedPerYear%2Cn=years%29\"$
\n" ); document.write( "Subst.
\n" ); document.write( " $\"4000=P%281%2B%280.08%2F12%29%29%5E%285%2A12%29\"$
\n" ); document.write( " $\"4000=P%281.0067%29%5E60=P%281.49%29\"$
\n" ); document.write( " $\"cross%284000%292684.56%2Fcross%281.49%29=P%2Across%281.49%29%2Fcross%281.49%29\"$
\n" ); document.write( " $\"highlight%28P=2684.56%29\"$ , Answer
\n" ); document.write( "Thank you,
\n" ); document.write( "Jojo \n" ); document.write( "

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