You deposit $1,000 in a long-term certificate of deposit with an interest rate of 8.81%. How many years will it take for you to triple your deposit?

Pick the closest answer. a. 11 years b. 12 years c. 13 years d. 14 years

Answer: c p 231 (217) PV -1,000 FV 3,000 I/Y 8.81 N = 13.01

Hello in the question above when it says you deposit 1,000, I am supposed to enter -1,000 in Present Value when I plug it into my calculator. Some questions it wants me to enter the number under payment when it says "You deposit $$$" how do I know when to enter it for present value and when to enter it for payment?