Rashon is going to invest in an account paying an interest rate of 6.9% compounded quarterly. How much would Rashon need to invest, to the nearest dollar, for the value of the account to reach 20,200 in 13 years?

Solution

Rashon is going to invest in an account paying an interest rate of 6.9% compounded quarterly. How much would Rashon need to invest, to the nearest dollar, for the value of the account to reach 20, 200 in 13 years?

Solution

Principal : 8300.63

étapes des solutions

Translate the problem into an equation:

20200 = P (1 + \frac{0.069}{4})^{4 \cdot 13}

Solutionner pour

P, 20200 = P (1 + \frac{0.069}{4})^{4 \cdot 13} : P = 8300.63

Principal : 8300.63

Exemples populaires

Find the volume of a sphere that has a diamètre of 10 inches. Use 3.14 for pi The sphere's volume is cubic inches.Find the final amount when 9500 is invested at 7% simple interest for 5 years the sum of five consecutive integers is 0.find the integers A vase is 98 years old. A glass is 20 years old. How long until the vase is 4 times the glass a square has diagonals of 6 cm. what is the aire of the square ?