Find the Principal That Must Be Deposited in an Account

question 19

Multiple Choice

Find the principal that must be deposited in an account with an annual interest rate of 4%, compounded monthly, so that after 15 years the balance is $4,000. Round your answer to the nearest cent.

• A)$2,197.44
• B)$2,221.06
• C)$2,195.32
• D)$2,195.25
• E)$2,201.80

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Definitions:

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