SOLUTION: How much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to $15,000 in three​ years? The amount of money that sh

Algebra ->  Equations -> SOLUTION: How much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to $15,000 in three​ years? The amount of money that sh      Log On


   

Question 1176318: How much money should be deposited today in an account that earns 8% compounded semiannually so that it will accumulate to $15,000 in three​ years?
The amount of money that should be deposited is ​$__.
​(Round up to the nearest​ cent.)
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

Hi
 In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount 15000
P= principal = 
r= annual rate = .08
n= periods per year = 2
t= years = 3
15000+=+P%281%2B.08%2F2%29%5E%286%29
     P = $11,854.72  (rounded to nearest cent)
Wish You the Best in your Studies.