Andrew is going to invest in an account paying an interest rate of 2.2% compounded quarterly. How much would Andrew need to invest, to the nearest hundred dollars, for the value of the account to reach 93,000 in 19 years?

Lösung

Andrew is going to invest in an account paying an interest rate of 2.2% compounded quarterly. How much would Andrew need to invest, to the nearest hundred dollars, for the value of the account to reach 93, 000 in 19 years?

Lösung

Principal : 61297.85

Schritte zur Lösung

Translate the problem into an equation:

93000 = P (1 + \frac{0.022}{4})^{4 \cdot 19}

Löse nach

P, 93000 = P (1 + \frac{0.022}{4})^{4 \cdot 19} : P = 61297.85

Principal : 61297.85

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