SOLUTION: How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 8% interest.
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Question 1061843: How much would you need to deposit in an account each month in order to have $30,000 in the account in 9 years? Assume the account earns 8% interest. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! Total=P((1+r/t)^nt-1)/r/t; assuming monthly compounding
30000=P(1+.0066667)^108-1/0.006667 don't round
multiply both sides by (.08/12)
200=P(2.0495-1)
P=200/1.0495
=$190.56
