How much money should be deposited today in an account that earns 3 % compounded semiannually so that it will accumulate to $ 8000 in three years?

The amount of money which should be deposited is $ 7316.627

Step-by-step explanation:

Given as :

Let the principal  = p

The interest rate compounded semiannually = 3 %

Time period = 3 years

The amount after three years = A = $ 8000

Now, Amount = Principal ×

Or,      $ 8000 = Principal ×

Or,      $ 8000 = p ×

Or,      p =

∴         p = $ 7316.627  

Hence The amount of money which should be deposited is $ 7316.627 Answer

step-by-step explanation:

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