To help with his child’s college fund, John needs to invest. Assuming an interest rate of 2.27% compounded monthly, how much would he have to invest to have 83,700 after 14 years?

Solución

To help with his child’s college fund, John needs to invest. Assuming an interest rate of 2.27% compounded monthly, how much would he have to invest to have 83, 700 after 14 years?

Solución

Principal : 60930.82

Pasos de solución

Translate the problem into an equation:

83700 = P (1 + \frac{0.0227}{12})^{12 \cdot 14}

Resolver para

P, 83700 = P (1 + \frac{0.0227}{12})^{12 \cdot 14} : P = 60930.82

Principal : 60930.82

Ejemplos populares

You deposit 8000 in an account earning 7.23% interest compounded monthly. How much will you have in the account in 1 year?The circunferencia of a circle is 12pi centimeters. What is the radius?Give the exact answer in simplest form.the circunferencia of a circle is 19pi m. Find its diameter in meters A number a decreased by 7 is 2 Find the present value of 8000 payable at the end of 2 years, if money may be invested at 6% with interest compounded continuously.