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 nine years?

Correct answer:

a =  1276.4491 USD

Step-by-step explanation:

p=5%=1005=201=0.05 b=2000 n=9 12=108 m  i=1+p/12=1+201/12=2402411.0042  a in=b=2000  k=in=1.00421081.5668  a=kb=1.56682000=1276.4491 USD



Did you find an error or inaccuracy? Feel free to write us. Thank you!







Tips for related online calculators
Do you want to convert time units like minutes to seconds?

You need to know the following knowledge to solve this word math problem:

Units of physical quantities:

Grade of the word problem:

Related math problems and questions: