Question 1072699
your annual interest rate is 6.5% / 100 = .065


there are 12 months in the year.


your number of months is equal to 12 * 3 = 36


your monthly rate is .065 / 12 = .005416666.....


the formula is f = p * (1 + r) ^ n


f is the future value
p is the present valued
r is the interest rate per time period.
n is the number of time periods.


your time periods are in months.


replace f with 14000 and replace r with .005416666.... and replace n with 36 and your formula becomes:


14000 = p * (1.005416666....) ^ 36


divide both sides of this equation by (1.005416666....) ^ 36 to get:


14000 / ((1.005416666....) ^ 36) = p


solve for p to get:


p = 11525.74876