Question

Algebraically manipulating the formula FV = P(1 + r)t, find the principal P (to the nearest whole cent) that needs to be deposited in the bank for Joseph to have a future value FV of $8,000 in his account in 5 years with an interest rate of 6%, compounded annually.
$6,123.97
$4,994.33
$7,012.25
$5,978.07
None of these choices are correct.

Answer 1

Answer:

Step-by-step explanation:

hey friend your answer is

option c

$ 7,012.25

Answer 2

Answer:

$7,012.25 is the correct answer!

Hope it helps you out in solving your problem!