SOLUTION: Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly.
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Question 1169360: Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly. Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! Find how much money needs to be deposited now into an account to obtain $3,100 (future value) in 11 years if the interest rate is 8% per year compounded monthly.
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FV = PV*(1 + 0.08/12)^132 = 3100
