SOLUTION: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have $4,000 in 5 years?

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Question 176414: How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have $4,000 in 5 years?
Answer by MathTherapy(10551) About Me  (Show Source):
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How much money should Sheila invest in an account that earns 8% annual interest compounded monthly in order to have $4,000 in 5 years?
PV = FV/(1+i/m)^(m)(t)
PV = 4,000/(1+.08/12)^(12*5)
PV = $2,684.84