How much will you have to invest to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.

$7,185.50
$5,020.71
$1,016.90
$4,957.33

You have to invest $5,020.71  to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.

Step-by-step explanation:

Let the principal be x

Amount = $6000

Time = 4 years 3 months =

Rate of interest =

No. of compounds per year = 12

Formula:

=P

P=$5,020.71

Hence You have to invest $5,020.71  to have $6,000 in 4 years 3 months at 4 1\5% annual interest, compounded monthly.