annakelley65p6ow0a annakelley65p6ow0a

Today at 10:49 PM
Mathematics

Answered

Suppose you are depositing an amount today in an account that earns 5% interest, compounded annually. If your goal is to have $5000 in the account at the end of six years, how much must you deposit in the account today?

Answer :

prestigeadhikari44 prestigeadhikari44

Today at 10:55 PM

Answer:

If you walk into a bank and open up a savings account you will earn interest ... include the amount of money deposited called the principal, the annual interest rate ...

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madethisfortwitch1 madethisfortwitch1

Today at 10:54 PM

Answer:

3731.08

Step-by-step explanation:

let x= the present value (or principle)

[tex]5000=x(1.05)^6\\\frac{5000}{1.05^6}=x\\x=3731.076983[/tex]

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