A mutual fund pays 4% compounded monthly. How much should I invest now so that 3 years from now I will have $4400 in the account? Amount = $

Question

A mutual fund pays 4% compounded monthly. How much should I invest now so that 3 years from now I will have $4400 in the account?  Amount = $

Mark M. · Accepted Answer

A(t) = p(1 + 0.04)364400 = p(1.04)364400 ≈ p(4.103932554)Can you solve for p and answer?

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