woahgab23 woahgab23

23-07-2022
Mathematics

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How much would you need to deposit in an account now in order to have $4000 in the account in 15 years? Assume the account earns 4% interest compounded monthly. Round to the nearest cent

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ssunarshiva123 ssunarshiva123

23-07-2022

Answer:

$2500

Step-by-step explanation:

CA=p(1+MR÷1200)

4000=p(1+180×4÷1200) 15 yrs =15×12=180 month

4000=1.6p

p=4000÷1.6

p=2500

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