domtwells domtwells

14-01-2021
Mathematics

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SOLUTION: How much must you deposit into an account that pays 8.75% annual interest, compounded monthly, to have a balance of $1000 after one year?

Respuesta :

ken2004511 ken2004511

14-01-2021

Answer:

$917

Step-by-step explanation:

Let the money be $x

x×(1+(8.75%/12))^(12)=1000

x=916.5097877016

x=917(cor.to 3 sig.fig.)

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