James wants to be able to make a $30,000 down payment on a new home in three years. If he can invest his savings in an account that earns 6%interest per year, compounded monthly, about how much will James need to deposit today to achieve his goal?A.$25,002OB. $25.069C. $25,189OD. $35,730

James needs to deposit $25,069 (B) to achieve his goalStep-by-step explanation:The formula to apply is : [tex]A=P(1+\frac{r}{n} )^{nt} \\\\[/tex]where;A=Amount at the end of the period=$30,000P=amount invested at the beginning=?r=rate of interest=6%=0.06 n=number of compounding per year=12t=time for the invested money to mature=3Applying the formula to get P[tex]A=P(1+r/n)^{nt} \\\\\\30,000=P(1+\frac{0.06}{12} )^{12*3} \\\\\\30,000=P(1+0.005)^{36} \\\\30,000=P(1.005)^{36} \\\\\\30,000=P(1.19668)\\\\\\30,000/1.19668=P\\\\\\25069.35=P[/tex]Learn MoreCompound Interest : Interest#LearnwithBrainly