Answer:
$7591.01
Step-by-step explanation:
You want the investment at 6% compounded monthly that will yield $13,000 in 6 years.
Compound interest
The value of an investment of P earning interest at rate r compounded n times per year for t years is ...
[tex]A=P\left(1+\dfrac{r}{n}\right)^{nt}[/tex]
Solving for P, we have ...
[tex]P=A\left(1+\dfrac{r}{n}\right)^{-nt}\\\\\\P=13000\left(1+\dfrac{0.09}{12}\right)^{-12\cdot6}=13000\cdot1.0075^{-72}\approx7591.01[/tex]
The amount invested should be $7591.01.
