Use the present value formula to determine the amount to be invested now or the present value needed. The desire accumulated amount is 30,000 after 11 years invested in an account with 6.1 % interest compounded monthly.

Use the present value formula to determine the amount to be invested now or the present value needed. The desire accumulated amount is 30,000 after 11 years invested in an account with 6.1 % interest compounded monthly.

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter1: Equations, Inequalities, And Mathematical Modeling

Section1.6: Other Types Of Equations

Problem 9ECP: You deposit $2500 in a long-term investment in which the interest is compounded monthly. After 5...

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