How much 2

How much money would you need to deposit today at 5% annual interest compounded monthly to have $2000 in the account after 9 years?

Correct result:

a =  1276.4491 USD

Solution:

p=5%=5100=0.05 b=2000 n=9 12=108 m  i=1+p/12=1+0.05/12=2412401.0042  a in=b=2000  k=in=1.00421081.5668  a=bk=20001.5668=1276.4491 USD



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