Question 1059647
{{{ A = P*( 1 + r/n )^(nt) }}}
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{{{ 12000 = P*( 1 + .0615/12 )^( 12*7) }}}
{{{ 12000 = P*( 1 + .005125 )^84 }}}
{{{ 12000 = P*1.005125^84 }}}
{{{ 12000 = P*1.53634 }}}
{{{ P = 7810.79 }}}
$7,810.79 must be invested today
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check:
{{{ 12000 = 7810.79*( 1 + .005125 )^84 }}}
{{{ 1.5363 = 1.005125^84 }}}
{{{ 1.5363 = 1.5363 }}}
OK