How much must be deposited today into the following account in order to have $ 65,000 in 8 years for a down payment on a house? assume no additional deposits are made.
an account with annual compounding and an apr of 4%
$
nothing should be deposited today.
(do not round until the final answer. then round to the nearest cent as needed.)

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

Solve for P

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1. perpendicular

2. parallel

3. perpendicular