Question
Asked Mar 25, 2019
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How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 6% interest compounded monthly.

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Expert Answer

Step 1

To determine the initial amount (principal) in the given compound interest problem

Step 2

Compound interest formula: alert: the exponent is nt.

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Step 3
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Algebra

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