What sum must be deposited today at 8 percent per year compounded annually if the goal is to have a compound amount of $200,000 12 years from today? How much interest will be earned during this period?

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
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What sum must be deposited today at 8 percent per year compounded annually if the goal is to have a compound amount of $200,000 12 years from today? How much interest will be earned during this period?

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