How many dollars must you invest now at an APR of 4.6% with monthly compounding to have $8000 in six years? Round your answer to the nearest dollar.

$6,073.853

Explanation:

For computing the amount invested now we need to determine the present value by applying the present value formula i.e. to be shown in the attachment

Provided that

Future value = $8,000

Rate of interest = 4.6% ÷ 12 months  = 0.3833%

NPER = 6 years × 12 months = 72 months

PMT = $0

The formula is shown below:

= -PV(Rate;NPER;PMT;FV;type)

So, after applying the above formula, the present value is $6,073.853

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