An investment account offers an interest rate of 6% per annum compounded monthly .assuming a single deposit of money is placed in this investment account:how much money must be invested now in order for the account to contain £45000 after 10 years?
$$\\45000=PV(1+0.06/12)^{10*12}\\\\ 45000=PV(1.005)^{120}\\\\ \frac{45000}{(1.005)^{120}}=PV\\\\ PV=\frac{45000}{(1.005)^{120}}\\\\$$
and you can put it into a calc.
