Question

How much money should be deposited today in an account that earns 6% compounded monthly so that it will accumulate to $9000 in three​ years?

Answer 1

The formula is
A=p (1+r/k)^kt
A future value 9000
P present value?
R interest rate 0.06
K compounded monthly 12
T time 3years
We need to solve for p
P=A÷(1+r/k)^kt
P=9,000÷(1+0.06÷12)^(12×3)
P=7,520.80