How much would you need to deposit in an account now in order to have $6000 in the account in 15 years? Assume the account earns 8% interest compounded monthly.

4000 i d k

Step-by-step explanation:

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  $1814.38

Step-by-step explanation:

The future value will be ...

  A = P(1 +r/n)^(nt)

where P is the principal invested at annual rate r compounded n times per year for t years.

  6000 = P(1 +0.08/12)^(12·15) = P(1.00666667)^180 = 3.3069215P

  P = 6000/3.3069215 = 1814.38

You need to deposit $1814.38 in the account.

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step-by-step explanation:

9-15%