A bank account pays 4.5% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $11,000 at the end of one year? $must be deposited now so that the account contains exactly $11,000 at the end of one year (Do not round until the final answer. Then round to the nearest cent as needed)

A bank account pays 4.5% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $11,000 at the end of one year? $must be deposited now so that the account contains exactly $11,000 at the end of one year (Do not round until the final answer. Then round to the nearest cent as needed)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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