SOLUTION: how much money should be deposited today in an account that earns 8% compounded quarterly so that it will accumulate to $3800 in 12 years. Please give explanation/show work

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Question 750932: how much money should be deposited today in an account that earns 8% compounded quarterly so that it will accumulate to $3800 in 12 years. Please give explanation/show work
Answer by Alan3354(69443) About Me  (Show Source):
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how much money should be deposited today in an account that earns 8% compounded quarterly so that it will accumulate to $3800 in 12 years. Please give explanation/show work
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FV+=+PV%2A%281+%2B+0.08%2F4%29%5E%2812%2A4%29
3800+=+PV%2A%281+%2B+0.08%2F4%29%5E%2812%2A4%29
Solve for PV (Present Value)