SOLUTION: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have $4,000 in 5 years?

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Question 223791: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have $4,000 in 5 years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
P=4000/(1+.08/12)^12*5
P=4000/(1.006666)^60
P=4000/1.4897865
P=$2685