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Solve the problem. Round to the nearest cent.

Brad wants to have available to buy a car in 5 years. How much must he deposit now at compounded monthly to reach that goal?
Group of answer choices

$22,366.96

$12,395.17

$22,905.95

$12,920.84

Respuesta :

adioabiola

Answer:

$10,857.8

Step-by-step explanation:

Brad wants to have $17000 available to buy a car in 5 years. How much should he deposit now at 9% compounded monthly to reach that goal?

A = p(1 + r/n)^nt

P = A / (1 + r/n)^nt

P = 17000 / (1 + 0.09/12)^(12*5)

= 17,0000 / (1 + 0.0075)^60

= 17,000 / (1.0075)^60

= 17,000 / 1.5657

= 10,857.8

P = $10,857.8

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