How much would you need to deposit in an account now in ordenar to have 2000 in the account in 15 years? Assume the account earns 7% interest compounded monthly.

Solución

How much would you need to deposit in an account now in order to have 2000 in the account in 15 years? Assume the account earns 7% interest compounded monthly.

Solución

Principal : 702.01

Pasos de solución

Translate the problem into an equation:

2000 = P (1 + \frac{0.07}{12})^{12 \cdot 15}

Resolver para

P, 2000 = P (1 + \frac{0.07}{12})^{12 \cdot 15} : P = 702.01

Principal : 702.01

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