You decide to deposit your money today in a bank account paying 6.30% interest, compounded monthly. If the value of your savings grows to $3, 800 in 10 years, how much did you deposit? Answer a. $1,826 b. $ 2,027 c. $2,193 d. $1,988 e. $1,907

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Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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You decide to deposit your money today in a bank account paying 6.30% interest, compounded monthly. If the value of your savings grows to $3, 800 in 10 years, how much did you deposit? Answer a. $1,826 b. $ 2,027 c. $2,193 d. $1,988 e. $1,907 

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