Tyee is going to invest in an account paying an interest rate of 4.7% compounded monthly. How much would Tyee need to invest, to the nearest dollar, for the value of the account to reach 98,000 in 8 years?

Solución

Tyee is going to invest in an account paying an interest rate of 4.7% compounded monthly. How much would Tyee need to invest, to the nearest dollar, for the value of the account to reach 98, 000 in 8 years?

Solución

Principal : 67336.46

Pasos de solución

Translate the problem into an equation:

98000 = P (1 + \frac{0.047}{12})^{12 \cdot 8}

Resolver para

P, 98000 = P (1 + \frac{0.047}{12})^{12 \cdot 8} : P = 67336.46

Principal : 67336.46

Ejemplos populares

Julieta is going to invest in an account paying an interest rate of 4% compounded monthly. How much would Julieta need to invest, to the nearest hundred dollars, for the value of the account to reach 190 in 7 years?If the sum of two consecutive odd integers is 92, find the integers.8000 are invested in a bank account at an interest rate of 6 percent per year. Find the amount in the bank after 12 years if interest is compounded monthly.Mia invested 52,000 in an account paying an interest rate of 3.1% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 62,100?The difference of two numbers is 15. Five times the smaller is the same as 9 less than twice the larger. What is the smaller number?