Math Problem Help

Question

Karen wants to have $24093 in her investment account in 7 years. If her bank offers an annual compound interest rate of 1.3% with monthly compounding, how much should she deposit today?

Round your answer to the nearest dollar. 

Answer 1

A = P(1 + r/n)^nt

24,093 = A(1 + .013/12)^12(7)

24,093 = A(1.0108333)^84

24,093 = A(1.095215)

$21,998 = A