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Popular Word Problems >

how much money should be deposited today in an account that earns 8% compounded annually so that it will accumulate to 11,000 in three years

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Solution

howmuchmoneyshouldbedepositedtodayinanaccountthatearns8%compoundedannuallysothatitwillaccumulateto11,000inthreeyears

Solution

Principal:8732.15
Solution steps
Translate the problem into an equation:11000=P(1+10.08​)1⋅3
Solve for P,11000=P(1+10.08​)1⋅3:P=8732.15
Principal:8732.15

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