Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $80,000 after 14 years invested in an account with 7.9% interest compounded monthly.

Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $80,000 after 14 years invested in an account with 7.9% interest compounded monthly.

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter5: Inverse, Exponential, And Logarithmic Functions

Section5.2: Exponential Functions

Problem 49E

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Question

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

The desired accumulated amount is

$80,000

after

years invested in an account with

7.9%

interest compounded

monthly.

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