Monthly compounding word problem
Jane Roznowski wants to invest some money now to buy a new tractor in the future. If she wants to have
$325,000 available in 6 years, how much does she need to invest now in a CD paying
4.85% interest compounded monthly?
I already have the formula and have seen examples with other numbers but cannot understand how they got the answer..... I just need the answer so I can turn in my homework and be done with this class HELP!!