How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 6% interest compounded monthly.

Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter2: Exponential, Logarithmic, And Trigonometric Functions
Section2.1: Exponential Functions
Problem 53E: Interest Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and...
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How much would you need to deposit in an account now
in order to have $4000 in the account in 5 years? Assume
the account earns 6% interest compounded monthly.
$
Transcribed Image Text:How much would you need to deposit in an account now in order to have $4000 in the account in 5 years? Assume the account earns 6% interest compounded monthly. $
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