SOLUTION: How much should be invested today at 6.15% compounded monthly to have $12,000 in 7 years?

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Question 1059647: How much should be invested today at 6.15% compounded monthly to have $12,000 in 7 years?
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%2A%28+1+%2B+r%2Fn+%29%5E%28nt%29+
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+12000+=+P%2A%28+1+%2B+.0615%2F12+%29%5E%28+12%2A7%29+
+12000+=+P%2A%28+1+%2B+.005125+%29%5E84+
+12000+=+P%2A1.005125%5E84+
+12000+=+P%2A1.53634+
+P+=+7810.79+
$7,810.79 must be invested today
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check:
+12000+=+7810.79%2A%28+1+%2B+.005125+%29%5E84+
+1.5363+=+1.005125%5E84+
+1.5363+=+1.5363+
OK