Question

Use the present value formula to determine the amount to be invested​ now, or the present value needed.
The desired accumulated amount is 40000​$ after 11 years invested in an account with 2.9​% interest compounded monthly.

Answer 1

Answer:

Present value is $29,086.21.

Step-by-step explanation:

$PV =\frac{40000}{(1+\frac{0.029}{12} )^{11*12} }=29,086.21$