# Use 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 needed

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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

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Step 1

Recall the following fact.

Step 2

Substitute the given values and compute the co...

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