Joan alexander wants to go on a long and luxurious vacation in three years. she could earn 8.20% compounded monthly in an account if she were to deposit the money today. she needs to have $10,000 in three years. how much will she have to deposit today?

$7825.86

Step-by-step explanation:

The formula to find the compound amount ( if compounded monthly) :-

, where n is number of years, r is  rate of interest and P is principal amount.

Given : A=$10,000

r=8.20%=0.082

t= 3 years

Then, the compounded amount will be :-

[Rounded to nearest cent]

Hence, she have to deposit $7825.86 today.