SOLUTION: james and susan wish to have $10,000 available for their wedding in 2 years. how much money should they set aside now at 6% compounded monthly in order to reach their financial

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Question 727089:
james and susan wish to have $10,000 available for their wedding in 2 years. how much money should they set aside now at 6% compounded monthly in order to reach their financial goal.
Answer by checkley79(3341) About Me  (Show Source):
You can put this solution on YOUR website!
P(1+R/12)^T*12 FOR MONTHLY COMPOUNDING.
P(1+.06/12)^2*12=10,000
P(1+.005)^24=10,000
P(1.005)^24=10,000
P*1.127=10,000
P=10,000/1.127
P=$8.873.11 ANS.