<PRE><B>Question 1072699</B>
The compound interest formula is
:
Amount(A) = Principal(P) * (1 + rate(r)/number of times interest is compounded per year(n))^(n*time(t))
:
using variables
:
A = P * (1 + r/n)^nt
:
n = 12, t = 3, r = 0.065, A = 14000
:
14000 = P * (1 + 0.065/12)^36
:
P = 14000 / (1 + 0.065/12)^36 = 14000 /  1.2147 = 11525.48
:
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The amount to be deposited today is $11525.48
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:
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