BreakGirl BreakGirl

22-10-2021
Mathematics

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How much would you need to deposit in an account now in order to have $3000 in the account in 5 years? Assume the account earns 3% simple interest. Round your answer to the nearest cent. Please write in STEP by STEP as well not only the answer. I am really trying to learn this. Thank you.

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madethisfortwitch1 madethisfortwitch1

22-10-2021

Answer:

2608.7

Step-by-step explanation:

FV=PV(1+it)

PV=x

3000=x(1+.03*5)

3000=1.15x

x=2608.695652

2608.7

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