# Math

How much money would a person need to deposit today at 9% annual interest compounded monthly to have 12000. in the account after 6 Years?

1. PV = 12000(1 + .09/12)^-72
= 12000(1.0075)^-72
= \$7007.08

posted by Reiny
2. Thank you very much. I just needed the formula and you provided that so now I understand to resolve these type of problems

posted by Gail

## Similar Questions

1. ### Math

Suppose you deposit \$1000 in an account paying 4% annual interest, compounded monthly. How much money will you have after 15 years?
2. ### math

This problem has to do with exponential models. The question says, you deposit \$1600 in a bank account. Find the balance after 3 years for each of the following situations. The first one says: 1. The account pays 2.5% annual
3. ### math

Suppose Taylor win \$18000 in a lottery. If she invests half in a CD earning 4.2 % annual interest compounded quarterly and the rest in saving account earning 3.7% annual interest compounded monthly . How much money does she have
4. ### math

You deposit \$7,900 in a money-market account that pays an annual interest rate of 4.3%. The interest is compounded quarterly. How much money will you have after 3 years?
5. ### Math

You deposit \$6,700 in a money-market account that pays and annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years
6. ### math

You deposit \$6,700 in a money-market account that pays an annual interest rate of 3.3%. The interest is compounded quarterly. How much money will you have after 4 years?
7. ### finance

14. Assume Julian has a choice between two deposit accounts. Account A has an annual percentage rate of 7.55 percent but with interest compounded monthly. Account B has an annual percentage rate of 7.45 percent with interest
8. ### Finite Math and Applied Calculus

Betty Sue sets up a retirement account. For the first 35 years, she deposits \$500 at the end of each month into an account with an annual interest rate of 3.6%, compounded monthly. Then, she stops making monthly payments and
9. ### MATH HELP

May Wattson has 50000 to invest in a 4-year certificate of deposit that earns an interest rate of 3.75% compounded monthly or 3.50% compounded daily. Based on annual yield which is the better investment?
10. ### Math

May Wattson has 50000 to invest in a 4-year certificate of deposit that earns an interest rate of 3.75% compounded monthly or 3.50% compounded daily. Based on annual yield which is the better investment?

More Similar Questions