SOLUTION: How much would you need to deposit in an account now in order to have $4000 in the account in 15 years? Assume the account earns 3% interest compounded monthly. $____

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Question 1201297: How much would you need to deposit in an account now in order to have $4000 in the account in 15 years? Assume the account earns 3% interest compounded monthly.
$____

Answer by josgarithmetic(39617) About Me  (Show Source):
You can put this solution on YOUR website!
p quantity for 15 years at 3% compounded monthly

Monthly rate is (1/4)% or 0.0025.
15 years is 180 monthly compounding periods.

4000=p%281.0025%29%5E180
Solve for p.