Answer:
10075.43&
Step-by-step explanation:
We are given
Amount needed to be accumulated = A = 12000
Term period in years = T = 3 years
Rate of interest = R = 6%
Amount to be sinked (initial amount for investment) = P = ?
This is compound interest problem and formula for that is;
A= P [tex](1+\frac{R}{100} )^{T}[/tex]
Putting values;
==> 12000 = P [tex](1+\frac{6}{100} )^{3}[/tex]
==> 12000= P (1.06×1.06×1.06)
==> P = 12000 / 1.191016
==> P = 10075.43 &
