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Beliebt Word Problems >

Andrew is going to invest in an account paying an interest rate of 2.2% compounded quarterly. How much would Andrew need to invest, to the nearest hundred dollars, for the value of the account to reach 93,000 in 19 years?

Lösung

A n d re w i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 2.2% co m p o u n d e d q u a r t er l y . Ho w m u c h w o u l d A n d re w n ee d t o in v es t, t o t h e n e a res t h u n d re d d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 93, 000 in 19 ye a rs ?

Lösung

Principal : 61297.85

Schritte zur Lösung

Translate the problem into an equation:

93000 = P (1 + \frac{0.022}{4})^{4 \cdot 19}

Löse nach

P, 93000 = P (1 + \frac{0.022}{4})^{4 \cdot 19} : P = 61297.85

Principal : 61297.85

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