How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years?

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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How much money would you need to deposit today at 5% annual interest compounded monthly to have $20000 in the account after 9 years?
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