# math

posted by .

how much money must you deposit into an account that earns 3% monthly to have \$1000 after 4 years

• math -

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

## Respond to this Question

 First Name School Subject Your Answer

## Similar Questions

1. ### College level math

Suppose you deposit \$100 in an account that earns 0.5% each month. You make no withdrawals from the account and deposit no more money into the account. How much money will you have in the account after 4 years?
2. ### Math

Suppose you deposit \$400 in an account that earns 0.75 percent each quarter. You make no withdrawals from the account and deposit no more money into the account. How much money will accumulate after 2.5 years?
3. ### Math

Suppose you deposit \$400 in an account that earn 0.75 percent each quarter. You make no withdrawal from the account and deposit no mone money into the account. How much money will accumulate after 2.5 years
4. ### algebra

1. Suppose Mary deposits \$200 at the end of each month for 30 years into an account that pays 5% interest compounded monthly. a. How much total money will she have in the account at the end?
5. ### math models

Tanisha wants to have \$1000 in her bank account in 5 years. How much money should she deposit if her account earns 6% interest which is compounded 2 times per year?
6. ### Math

(a) Themba wants to deposit a sum of money into a savings account so that he will have R30 000 in 3 years time for an overseas holiday how much money must he deposit into the account if the interest paid on the savings is 8,5% p.a …
7. ### MATH

Andrea wants to deposit money into a bank account that earns 2.5% simple interest. Use the formula to find the amount of money that she should deposit so that she earns \$2500 after 4.5 years. Show and explain your work.
8. ### Finite Math

You deposit \$300 each month into an account earning 8% interest compounded monthly. a) How much will you have in the account in 35 years?
9. ### Math

Mark put \$3290 into a bank that offered 3% interest rate compounded monthly. Mark kept the money in this account for 9 years and then moved all this money to a new account that offered 6% interest rate compounded weekly. Do not round …
10. ### algebra

If Ron put \$1000 of his money into a bank account that earns a 2.3% annual interest rate, how much will he earn after 10 years if the interest is compounded A. yearly, B monthly?

More Similar Questions