Help please? I think I use this formula.. FV=PV(1+R/N)^NT
Sandy knows that she needs $82,000 for a 15% down payment on a house she can afford. She found an investment that earns 3.25% interest compounding monthly. How much should she put in the account now, rounded to the nearest dollar, to ensure she has the down payment amount in 5 years?

$12,034

$38,915

$69,717

$72,374

Question

Help please? I think I use this formula.. FV=PV(1+R/N)^NT
Sandy knows that she needs $82,000 for a 15% down payment on a house she can afford. She found an investment that earns 3.25% interest compounding monthly. How much should she put in the account now, rounded to the nearest dollar, to ensure she has the down payment amount in 5 years?

 $12,034

 $38,915

 $69,717

 $72,374

amistre64 · Answer

thats the formula ....

amistre64 · Answer

fv = 82k
r = .0325
n = 12
t = 5

solve for pv

anonymous · Answer

When I try to plug it in I don't get the answer

anonymous · Answer

I get 96,447.57

amistre64 · Answer

i think youre not solveing fo pv .... 82 = p(1+.0325/12)^(12*5) 82/(1+.0325/12)^(12*5) = p http://www.wolframalpha.com/input/?i=82%2F%281%2B.0325%2F12%29%5E%2812*5%29