SOLUTION: how much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate $8000 in three years

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Question 801980: how much money should be deposited today in an account that earns 5% compounded semiannually so that it will accumulate $8000 in three years
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
8000=P(1.025)^6
8000=P(1.1597)
8000/1.1597=P
P=$6898