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Advanced MathQ&A LibraryUse the present value formula to determine the amount to be invested now, or the present value neededThe desired accumulated amount is $40,000 after 12 years invested in an account with 2.2% interest compounded monthly.The amount to be invested now, or the present value needed, is $__Round to the nearest cent as neededQuestion

Asked Nov 8, 2019

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Use the present value formula to determine the amount to be invested now, or the present value needed

The desired accumulated amount is $40,000 after

12 years invested in an account with 2.2% interest compounded monthly.

The amount to be invested now, or the present value needed, is $__

Round to the nearest cent as needed

Step 1

Recall the following fact.

Step 2

Substitute the given values and compute the co...

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