document.write( "Question 1093808: Please help with this problem:How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years? \r
\n" ); document.write( "\n" ); document.write( "Thanks! \n" ); document.write( "
Algebra.Com's Answer #708418 by MathTherapy(10555)\"\" \"About 
You can put this solution on YOUR website!

\n" ); document.write( "Please help with this problem:How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years? \r
\n" ); document.write( "\n" ); document.write( "Thanks!
\n" ); document.write( "
Use the present value formula for $1: \"matrix%281%2C3%2C+P%2C+%22=%22%2C+A%2F%281+%2B+i%2Fm%29%5E%28mt%29%29\", with:
\n" );
document.write( "\"P\" = Present Value, or Principal invested, or INITIAL amount deposited (Unknown, in this case)
\n" );
document.write( "\"A\" = Accumulated amount, or future value ($20,000, in this case)
\n" );
document.write( "\"i\" = Annual Interest rate (5%, or .05, in this case)
\n" );
document.write( "\"m\" = Number of ANNUAL compounding periods (monthly, or 12, in this case)
\n" );
document.write( "\"t\" = Time, in years (9, in this case)\r
\n" );
document.write( "\n" );
document.write( "\"matrix%281%2C3%2C+P%2C+%22=%22%2C+A%2F%281+%2B+i%2Fm%29%5E%28mt%29%29\" becomes: , and then Present Value, or \"highlight_green%28matrix%281%2C3%2C+P%2C+%22=%22%2C+%22%2412%2C764.49%22%29%29\" \n" );
document.write( "
\n" );