how much would you need to invest to get $20,000 in 5 years at an annual interrest rate of 8.5% compounded monthly?

Question

anonymous · Answer

Keywords here are "compounded monthly"

anonymous · Answer

Compound Interest Formula$$A = P(1+\frac{ r }{ n })^{nt}$$

A = amount of money accumulated after n years, including interest.
P = principal amount (the initial amount you borrow or deposit)
r  = annual rate of interest (as a decimal).
n  =  number of times the interest is compounded per year 
t  = number of years the amount is deposited or borrowed for.

anonymous · Answer

thanks

anonymous · Answer

No problem

anonymous · Answer

sorry but doesn't  give me the result