SOLUTION: Compute the amount of money to be set aside today to ensure a future value of ​$3 comma 100 in one year if the interest rate is 4.5​% ​annually, compounded annual
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Question 1116261: Compute the amount of money to be set aside today to ensure a future value of $3 comma 100 in one year if the interest rate is 4.5% annually, compounded annually. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! 3100=P(1+.045)^n, since this is annual. P is what needs to be set aside, n is the number of years. n here is 1.
3100=P(1.045)
P=$2966.51
