Question

How much money should be deposited today in an account that earns $ 8 \% $ compounded semiannually so that it will accumulate to $ \$ 8000 $ in three years? i Click the icon to view some finance formulas. The amount of money that should be deposited is $ \$ $ $ \square $ (Round up to the nearest cent.) Formulas In the provided formulas, $ A $ is the balance in the account after $ t $ years, $ P $ is the principal investment, $ r $ is the annual interest rate in decimal form, $ n $ is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. \[ A=P\left(1+\frac{r}{n}\right)^{n t} \quad P=\frac{A}{\left(1+\frac{r}{n}\right)^{n t}} \quad A=P e^{r t} \quad Y=\left(1+\frac{r}{n}\right)^{n}-1 \] Print Done

          How much money should be deposited today in an account that earns \( 8 \% \) compounded semiannually so that it will accumulate to \( \$ 8000 \) in three years?
i Click the icon to view some finance formulas.

The amount of money that should be deposited is \( \$ \) \( \square \)
(Round up to the nearest cent.)

Formulas

In the provided formulas, \( A \) is the balance in the account after \( t \) years, \( P \) is the principal investment, \( r \) is the annual interest rate in decimal form, \( n \) is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form.
\[
A=P\left(1+\frac{r}{n}\right)^{n t} \quad P=\frac{A}{\left(1+\frac{r}{n}\right)^{n t}} \quad A=P e^{r t} \quad Y=\left(1+\frac{r}{n}\right)^{n}-1
\]
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How much money should be deposited today in an account that earns 8 % compounded semiannually so that it will accumulate to $ 8000 in three years?
i Click the icon to view some finance formulas.

The amount of money that should be deposited is $ □
(Round up to the nearest cent.)

Formulas

In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form.

A=P(1+(r)/(n))^n t P=(A)/((1+(r)/(n))^n t) A=P e^r t Y=(1+(r)/(n))^n-1

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Added by Darnell C.

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