How much should be deposited in an account paying 6.5% interest, compounded monthly, in order to have a balance of $ 9,000 after 19 years and 3 months?

Answer 1

19 years, 3 months = 19 1/4 years = 77/4 years

9000 = P(1 + 0.065/12)^12(77/4)

P = 9000/(1 + 0.065/12)²³¹

P = $2584.03