Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. how much money should be deposited today into an a

How much money should be deposited today into an account that earns 8% compounded monthly...

90.2K

Verified Solution

Question

Accounting

How much money should be deposited today into an account that earns 8% compounded monthly so that it will accumulate to 10,000 in 3 years?
The amount of money that should be deposited it is: The amount of money that should be deposited it is

Answer & Explanation Solved by verified expert
0.0 Ratings ( Votes)
To find out how much money should be deposited today the present value in an account that earns interest compounded monthly we can use the formula for the present value of a future sum PV fracFV1 rnnt Where PV Present Value the amount to    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

A data set comparing a woman s shoe size to her height is represented by...

Biology
1.2K views

True False Question 23 2 points Listen The result of severe damage to the ventral...

Basic Math
1.2K views

S Here is a square and some regular octagons In this pattern all of the...

Statistics
1.2K views

Classify each sequence as arithmetic geometric or neither DRAG DROP THE ANSWER 7 4 1...

Calculus
1.2K views

2 points possible (graded)(OSCAGC07s01q572P)An investor invested a total of $57000 into two bonds. One bond...

Calculus
1.2K views

What is the amplitude of the following equation y sin x 2 T Enter

Algebra
1.2K views

15a 3b Sc 15a 5c isa 3b 3b 56 0

Accounting
1.2K views

and labor charges of $29,000 and $16,000, respectively. On the basis of this...

Accounting
1.2K views

Selected balance sheet information and the income statement for Pioneer Industries for the current year...

Accounting
1.2K views

1. Ben-Hal Mining, a coal mining company, invests significant funds in land, soil, and water...

Accounting
1.2K views

_designing to used in general purpose systems from small to large and complex systems

Finance
1.2K views

I have the answer from the class review and some of the work, was just...