## Please help with step by step!! How much should Kim deposit (one time) in an account earning 1% per month (so r = 12% and k= 12

Question

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## Answers ( )

Answer:

Using the formula;

A = P(1 + rt)

A = Amount i.e. $5000

P = Principal or Initial payment

r = rate i.e. 12%

t = 4 years

5000 = P(1 + 0.12 × 4)

5000 = P(1 +0.48)

5000 = P(1.48)

P = 5000 / 1.48

= $3378.378

= $3378