What amount 12 months ago is equivalent to $2,900, 2½ years from now if money earns 4.50% compounded monthly during the intervening time? Thank you!
Follow Math Help Forum on Facebook and Google+
Here's a hint: $\displaystyle x*(1+(0.045/12))^{(12+(2.5*12))}=x*(1+(0.045/12))^{42} = 2900 $ Then solve for x.
Last edited by BoboStrategy; Oct 31st 2008 at 03:44 AM. Reason: Formatting
View Tag Cloud