Two-and-one-half years from now, Melanie Olson wants to have $8,500 in the bank. She can earn interest of 12% compounded monthly. Compute the amount that Melanie must deposit today. (Use Tables 16-1A&B or 16-2A&B or a calculator.)

Question

Two-and-one-half years from now, Melanie Olson wants to have $8,500 in the bank. She can earn interest of 12% compounded monthly. Compute the amount that Melanie must deposit today. (Use Tables 16-1A&B or 16-2A&B or a calculator.)​

Quizplus · Accepted Answer

The Answer of Two-and-one-half years from now, Melanie Olson wants to have $8,500 in the bank. She can earn interest of 12% compounded monthly. Compute the amount that Melanie must deposit today. (Use Tables 16-1A&B or 16-2A&B or a calculator.)​

Two-And-One-Half Years from Now, Melanie Olson Wants to Have $8,500