How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years?Click the icon to view some finance formulas.>The amount of money that should be deposited is $(Round up to the nearest cent.)W- XFormulasIn the provided formulas, A is the balance in the account after t years, P is theprincipal investment, r is the annual interest rate in decimal form, n is the numberof compounding periods per year, and Y is the investment's effective annual yieldin decimal form.AA=P[1+-)mP=A=PentY = (₁+)²-₁1(₁+1)nt

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How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years? Click the icon to view some finance formulas. .

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter5: Exponential And Logarithmic Functions

Section5.1: Exponential Functions And Their Graphs

Problem 88E

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Question

How much money should be deposited today in an account that earns 3% compounded semiannually so that it will accumulate to $14,000 in three years?
Click the icon to view some finance formulas.
>
The amount of money that should be deposited is $
(Round up to the nearest cent.)
W
- X
Formulas
In the provided formulas, A is the balance in the account after t years, P is the
principal investment, r is the annual interest rate in decimal form, n is the number
of compounding periods per year, and Y is the investment's effective annual yield
in decimal form.
A
A=P[1+-)m
P=
A=Pent
Y = (₁+)²-₁
1
(₁+1)
nt

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