SOLUTION: How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly.
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Question 1088801: How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly. Answer by mathmate(429) (Show Source):
You can put this solution on YOUR website! Question:
How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly.
Solution:
The compound interest equation
F=P(1+i)^n
F=6000,
i=0.06/12=0.005 per month
n=15*12 months/year = 180
P=F/(1+i)^n
=6000/(1.005^180)
=2444.89
