en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

how much money should be deposited today in an account that earns 8% compounded annually so that it will accumulate to 11,000 in three years

Solution

how much money should be deposited today in an account that earns 8% compounded annually so that it will accumulate to 11, 000 in three years

Solution

Principal : 8732.15

Solution steps

Translate the problem into an equation:

11000 = P (1 + \frac{0.08}{1})^{1 \cdot 3}

Solve for

P, 11000 = P (1 + \frac{0.08}{1})^{1 \cdot 3} : P = 8732.15

Principal : 8732.15

Popular Examples

certain number divided by 7 less 2 is 37 Ren took a personal loan for 10,000 to pay for a family vacation. It has a fixed simple interest rate of 12.85% and he has 3 years to pay it back. How much interest will he have to pay? (I=PRT)Six times the difference of a number and seven, is thirteen In order to pay for college, the parents of a child invest 10,000 in a bond that pays 6% interest compounded semiannually. How much money will there be in 17 years? Round your answer to the nearest cent.Kylie invested 290 in an account paying an interest rate of 2.5% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 390?