Question

how much money should be deposited in an account that earns 9.5% compounded monthly so that it will ccumulate to 10,000 in three years

Answer 1

might as well just deposit the 10000 .....

Answer 2

FV = PV(1+r/n)^(nt)

FV/(1+r/n)^(nt) = PV

t = years, n = 12, since its monthly

Answer 3

i had gotten that far, just plugging in the numbers and calculating the amount is where im stuck

Answer 4

you might want to change the batteries in your calculator then :)

http://www.wolframalpha.com/input/?i=10000%2F%281%2B.095%2F12%29%5E%2836%29

Answer 5

too kind :)

Answer 6

good luck