Use the present value formula to determine the amount to be invested​ now, or the present value needed. The desired accumulated amount is ​$70 comma 000 af

Question

Use the present value formula to determine the amount to be invested now, or the present value needed.
The desired accumulated amount is $70 comma 000

after 11

years invested in an account with 5.8
%
interest compounded monthly
.

Answer 1

Just substitute the given numbers, including interest rate 0.058, n = 12 (# compoundings per year), t = 11 years (so nt=132) into the formula whose name you cited.  A=70,000 and your formula gives the P value.