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OpenStudy (anonymous):
How much money should be deposited in an account that earns 9% compounded monthly so that it will accumulate to $10,000 in three years? Round to the nearest cent. :) THANK YOU FOR THE HELP!!
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OpenStudy (anonymous):
@jim_thompson5910 Would you mind helping me with this one? :)
jimthompson5910 (jim_thompson5910):
A = P(1+r/n)^(n*t) 10000 = x(1+0.09/12)^(12*3) solve for x
jimthompson5910 (jim_thompson5910):
tell me what you get
OpenStudy (anonymous):
$7641.49? :)
OpenStudy (anonymous):
@jim_thompson5910
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jimthompson5910 (jim_thompson5910):
sry i went afk for a bit
jimthompson5910 (jim_thompson5910):
you got it
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