SOLUTION: how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years?
Question 625635: how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years? Answer by Alan3354(69443) (Show Source):
You can put this solution on YOUR website! how much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to 13,000 in three years?
----------
3 yrs --> 6 periods
8%/hr = 4% per period
-------
13000 = AMT*(1.04)^6
AMT = 13000/(1.04)^6
AMT =~ $10274.09
