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How much money should be invested at 6% compounded quarterly for 15 years so that you have 25000 at the end of the 15 years?

Solution

How much money should be invested at 6% compounded quarterly for 15 years so that you have 25000 at the end of the 15 years?

Solution

Principal : 10232.4

Solution steps

Translate the problem into an equation:

25000 = P (1 + \frac{0.06}{4})^{4 \cdot 15}

Solve for

P, 25000 = P (1 + \frac{0.06}{4})^{4 \cdot 15} : P = 10232.4

Principal : 10232.4

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