Answered: How much money should be invested in an…

How much money should be invested in an account that earns 6% interest, compounded monthly, in order to have $15,000 in 6 years? (Round your answer to two decimal places.)

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 10E

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Question

How much money should be invested in an account that earns 6% interest, compounded monthly, in order to have $15,000 in 6 years? (Round your answer to two decimal places.)

Expert Solution