How Much Should Be Deposited Now At 18% Compounded Monthly In Order To Accumulate 20b1 18,470 In 4 Y

How much should be deposited now at 18% compounded monthly in order to accumulate ₱ 18,470 in 4 years?

 

Answer:

₱ 9,038.51

Step-by-step explanation:

P = A / (1 + r/n)^(nt)

P = 18,470.00 / (1 + 0.18/12)^(12)(4)

P = 18,470.00 / (1 + 0.015)^48

P = 9038.51