The compound interest formula is :
A = P ( 1 + r)^t
so, A = 9000 and r (interest per year) = 6.5% = 0.065
t = 3 years * 12 = 36
so,
[tex]9000=P(1+\frac{0.065}{12})^{36}[/tex]Solve to find P
So, (1 + 0.065/12)^36 = 1.21467
so, P = 9000/1.21467 = 7,409.41 (to the nearest cent)
The money should be deposited = $7,409.41
