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?

asked by Gail
  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

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