how much money must you deposit into an account that earns 3% monthly to have $1000 after 4 years
If that's compound interest,
P(1+.03/12)^(12*4) = 1000
P = 887.05
If simple interest,
P(1+4*.03) = 1000
P = 892.06
P(1+.03/12)^(12*4) = 1000
P = 887.05
If simple interest,
P(1+4*.03) = 1000
P = 892.06