Mathematics, 10.12.2021 01:00 LillySchool6529
How much money, as a one-time deposit, PV , would you need to deposit into an account that earns 1.5% compounded monthly to earn a future value, FV , of $7,500 in three years?
This amount can be found by using algebra to rearrange the function, FV=PV(1+rn)(nY) , so that FV becomes an input variable and PV becomes the output variable.
PV=FV(1+rn)(−nY)
Use this function to find the amount needed as a one-time deposit to earn $7,500 in 3 years.
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