How much must be deposited today into the following account in order to have $45,000 in 6 years for a down payment on a house? assume no additional deposits are made
an account with annual compounding and an apr of 5%
$ should be deposited today
(do not round until the final answer. then round to the nearest cent as needed)

the answer is 200

step-by-step explanation:

the way the question is worded, it seems to imply the $264 interest is simple interest, not compound interest.

the simple interest for 2 years is $264; the simple interest for 1 year is $132.

$132 interest on a $600 investment means an interest rate of (132/600)*100 = 22%.

the value of $200 at 22% interest compounded annually for three years is

200%281.22%29%5e3

the amount of interest is that value, minus the original $200.

relating to or denoting a system of numbers and arithmetic based on the number ten, tenth parts, and powers of ten.

it alot will look like this 4.4

step-by-step explanation:

nope.   happens to me as well.

-aparri