en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

How long would you need to invest 4500 at 4.75% interest compounded monthly to have 5980 at maturity?

Solution

How long would you need to invest 4500 at 4.75% interest compounded monthly to have 5980 at maturity?

Solution

Time : 6

Solution steps

Translate the problem into an equation:

5980 = 4500 (1 + \frac{0.0475}{12})^{12 t}

Solve for

t, 5980 = 4500 (1 + \frac{0.0475}{12})^{12 t} : t = 6

Time : 6

Popular Examples

Franco has 80 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will he have in 3 years?the sum of twice a number and 5 is at most 3 less than a number Tyler had 225 in his savings account. Each year, the value of the savings account increases by 4%. How much money does he have in his account after 1 year? must be equation church bus traveled 4 2/3 hours at 48 miles per hour.:How far did the bus travel?Alexandra wants to go on a cruise in three years. She could earn 8.2 percent interest compounded monthly in an account if she were to deposit the money today. She needs to have 10000 in three years. How much must she have to deposit today?