Ian is going to invest in an account paying an interest rate of 5.6% compounded monthly. How much would Ian need to invest, to the nearest ten dollars, for the value of the account to reach 21,400 in 19 years?

解

Ian is going to invest in an account paying an interest rate of 5.6% compounded monthly. How much would Ian need to invest, to the nearest ten dollars, for the value of the account to reach 21, 400 in 19 years?

解

Principal : 7402.86

解答ステップ

Translate the problem into an equation:

21400 = P (1 + \frac{0.056}{12})^{12 \cdot 19}

P

を解く

21400 = P (1 + \frac{0.056}{12})^{12 \cdot 19} : P = 7402.86

Principal : 7402.86

人気の例

Carson invested 2,700 in an account paying an interest rate of 1.6% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 5 years?a number that when decreased by 30% is 28 What is the volume of a sphere with a 半径 of 31.6 cm, rounded to the nearest tenth of a cubic centimeter?The radius of a circle is 14 in. Find its 円周 in terms of pipi.Zachary invested 130 in an account paying an interest rate of 3.6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?