SOLUTION: How much money should be deposited today in an account that earns 5% compounded monthly so that it will accumulate to $12,000 in three years?

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Question 817000: How much money should be deposited today in an account that earns 5% compounded monthly so that it will accumulate to $12,000 in three years?
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
12000=P(1.00417)^12*3
12000=P(1.161611)
12000/1.161611=P
P=$10330.48