A company estimates that it will need $150,000 in 10 years to expand. A bank agrees to pay the company 5% interest compounded annually if the company deposits the entire amount now needed to accumulate $150,000 in 10 years. How much money does the company need to deposit?
Answer The company will need to deposit $92,087 to have $150,000 in 10 years.
Caulations Total = Principal × ( 1 + Rate )years
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