Jane wishes to have 20,000 available at the end of 10 years so she deposit money into an account that pays 1.14% compounded monthly how much does she need to deposit in order to meet this goal?

Step-by-step explanation:

we know that    

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

in this problem we have  

substitute in the formula above  

x = 12

y = 1

for the points!