Given:
The amount A= $50000
Interest =3. 9 %
Time = 10 years.
Consider the formula to find the amount for compound interest monthly.
[tex]A=P(1+\frac{r}{12})^{12t}[/tex]Substitute A=50000, r=3.9/100=0.039 and t=10, we get
[tex]50000=P(1+\frac{0.039}{12})^{12\times10}[/tex][tex]50000=P(1.00325)^{120}[/tex][tex]50000=P\times1.47604707572[/tex][tex]P=\frac{50000}{1.47604707572}=33874.2583638[/tex]The deposit money should be $33874.26.
