Isabelle wants 5,000 saved in 6 years to make a down payment on a house. How much money should she invest now at 7.05% compounded monthly in ordenar to meet her goal?

Solución

Isabelle wants 5, 000 saved in 6 years to make a down payment on a house. How much money should she invest now at 7.05% compounded monthly in order to meet her goal?

Solución

Principal : 3279.45

Pasos de solución

Translate the problem into an equation:

5000 = P (1 + \frac{0.0705}{12})^{12 \cdot 6}

Resolver para

P, 5000 = P (1 + \frac{0.0705}{12})^{12 \cdot 6} : P = 3279.45

Principal : 3279.45

Ejemplos populares

four times the sum of a number and 25 is at least 24 9 less than the product of 6 and a number is equal to 4 A standard die is rolled. Find the probability that the number rolled is less than 3. Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.seven less a number is equivalent to eleven sophie put 200 in a savings account. The account had an 8 percent simple annual interest rate. How much money was in her account after one year