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How much money should be deposited today in an account that earns 3.5 % compounded monthly so that it will accumulate to 15,000 in 2 years?

Solution

How much money should be deposited today in an account that earns 3.5 % compounded monthly so that it will accumulate to 15, 000 in 2 years?

Solution

Principal : 13987.33

Solution steps

Translate the problem into an equation:

15000 = P (1 + \frac{0.035}{12})^{12 \cdot 2}

Solve for

P, 15000 = P (1 + \frac{0.035}{12})^{12 \cdot 2} : P = 13987.33

Principal : 13987.33

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