SOLUTION: Use the present value formula to determine the amount to be invested now or the present value when needed. the desired accumulated amount is $4200 after 9 years invested in an acco
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Question 1033136: Use the present value formula to determine the amount to be invested now or the present value when needed. the desired accumulated amount is $4200 after 9 years invested in an account with 4% interest compounded annually. Answer by LinnW(1048) (Show Source):
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where p is the original amount
1.04^9 = approximately 1.423
divide each side by 1.423
2951.50 approximately
