How much would you need to deposit in an account now in ordenar to have 4000 in the account in 15 years? Assume the account earns 4% interest compounded monthly.

Solución

How much would you need to deposit in an account now in order to have 4000 in the account in 15 years? Assume the account earns 4% interest compounded monthly.

Solución

Principal : 2197.44

Pasos de solución

Translate the problem into an equation:

4000 = P (1 + \frac{0.04}{12})^{12 \cdot 15}

Resolver para

P, 4000 = P (1 + \frac{0.04}{12})^{12 \cdot 15} : P = 2197.44

Principal : 2197.44

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