Question

How much would you need to deposit in an account each month in order to have $40,000 in the account in 8 years? Assume the account earns 3% annual interest compounded monthly.

Answer 1

Answer:

$166666.67

Step-by-step explanation:

$40000 = amount after 8 years

time = 8 years

interest = 3%

principle amount = ?? ( p )

$40000 = (( p ) × 3 × 8 )÷100

p = (40000 × 100) ÷ ( 3 × 8 )

p = $166666.67

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