Precalc Math

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Suppose you want to end up with $5,000 in a bank account after 4 years earning a rate of 3.5% compounding monthly. How much would you have to initially invest? Round to the nearest dollar.

Thanks a lot in advance!! :)

  • Precalc Math -

    5000=P(1+.035/12)^(12*4)
    P = 4347.68

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