How much money should be deposited today in an account that earns 7% compounded semiannually so that it will accumulate to $10,000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.)

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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How much money should be deposited today in an account that earns 7% compounded semiannually so that it will accumulate to $10,000 in three years?
The amount of money that should be deposited is $
(Round up to the nearest cent.)
Transcribed Image Text:How much money should be deposited today in an account that earns 7% compounded semiannually so that it will accumulate to $10,000 in three years? The amount of money that should be deposited is $ (Round up to the nearest cent.)
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