You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You

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You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You want to have exactly $8,000 in the account at the end of 5 years. The account allows you to make one deposit at the end of the first year. In order to have exactly $8,000 at the end of year 5, how much must you deposit at the end of the first year?

a.$2,848.35
b.$2,613.17
c.$2,307.49
d.$3,384.13
e.None of the above answers is within $50 of the correct amount

Posted Date: Jun 07, 2024 04:08 PM

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You have just invested $3,000 into an account that will earn a 9% APR compounded monthly. You

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