How much money should be deposited in an account today that earns 4% compounded monthly so that it will accumulate to $10,000 in 5 years?

$8206.37

Step-by-step explanation:

According to the Question,

Given, Some money should be deposited in an account today that earns 4% interest Annually. but it is compounded monthly so (4/12)% Will be the new interest Rate .

Now, What Money Should be Invested For 5 years(60 months) to get $10000 in Return .

The Formula for Compound interest is   .

We have, r=4% , n=12 , t=5 & A=$10000 Put These all value in above equation.

  ⇔ $8206.37 Should be invested .

answer: the answer is d