SOLUTION: how much money should be deposited today in an account that earns 3% compounded annually so that it will accumulate to $11,000 in three years?

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Question 625116: how much money should be deposited today in an account that earns 3% compounded annually so that it will accumulate to $11,000 in three years?
Answer by oscargut(2103) About Me  (Show Source):
You can put this solution on YOUR website!
We need to find A where
A(1.03)^3 = 11000
Answer: A = 10066.56 (rounded to the nearest cent)