Question
How much must you deposit in an account that pays $6 \%$ interest compounded yearly to have a balance of $\$ 1000$ after 8 years?
Step 1
The formula is $\mathrm{A}=\mathrm{C}(1+r)^{t}$, where A is the final amount, C is the initial deposit, r is the interest rate, and t is the time in years. Show more…
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