How much would you need to deposit in an account now in order to have $6000 in the account in 10 yea

Discussion in 'Calculator Requests' started by math_celebrity, Apr 26, 2020.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    How much would you need to deposit in an account now in order to have $6000 in the account in 10 years? Assume the account earns 6% interest compounded monthly.

    We start with a balance of B. We want to know:
    B(1.06)^10 = 6000
    B(1.79084769654) = 6000

    Divide each side of the equation by 1.79084769654 to solve for B
    B = 3,350.37
     

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