deposit at 5.3% annual interest, comp. monthly, to get $12K

golazin

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A bank account pays 5.3% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $12,000 at the end of one year?
 
golazin said:
A bank account pays 5.3% annual interest, compounded monthly. How much must be deposited now so that the account contains exactly $12,000 at the end of one year?
Plug the given values into the compound-interest formula they gave you, and solve for the required value.

Eliz.
 
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