Question 171228
Working Formula ----------> {{{F=P(1+(i/m))^(mn)}}}
where ---> {{{system(F=FutureValue,P=Principal,i=interest,m=CoumpoundedPerYear,n=years)}}}
Subst.
{{{4000=P(1+(0.08/12))^(5*12)}}}
{{{4000=P(1.0067)^60=P(1.49)}}}
{{{cross(4000)2684.56/cross(1.49)=P*cross(1.49)/cross(1.49)}}}
{{{highlight(P=2684.56)}}}, Answer
Thank you,
Jojo