Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 12% annual interest rate, compounded annually, in ordonner to have 60,000 in the fund at the end of 15 years?

Solution

Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 12% annual interest rate, compounded annually, in order to have 60, 000 in the fund at the end of 15 years?

Solution

Principal : 10961.78

étapes des solutions

Translate the problem into an equation:

60000 = P (1 + \frac{0.12}{1})^{1 \cdot 15}

Solutionner pour

P, 60000 = P (1 + \frac{0.12}{1})^{1 \cdot 15} : P = 10961.78

Principal : 10961.78

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Ann and Tom want to establish a fund for their​ grandson's college education. What lump sum must they deposit at a 12​% annual interest​ rate, compounded annually​, in ordonner to have ​60,000 in the fund at the end of 15 ​years?

Solution

Solution

Exemples populaires

Ann and Tom want to establish a fund for their grandson's college education. What lump sum must they deposit at a 12% annual interest rate, compounded annually, in ordonner to have 60,000 in the fund at the end of 15 years?