Isaac is going to invest in an account paying an interest rate of 6.3% compounded monthly. How much would Isaac need to invest, to the nearest ten dollars, for the value of the account to reach 57,000 in 7 years?

Solución

Isaac is going to invest in an account paying an interest rate of 6.3% compounded monthly. How much would Isaac need to invest, to the nearest ten dollars, for the value of the account to reach 57, 000 in 7 years?

Solución

Principal : 36715.71

Pasos de solución

Translate the problem into an equation:

57000 = P (1 + \frac{0.063}{12})^{12 \cdot 7}

Resolver para

P, 57000 = P (1 + \frac{0.063}{12})^{12 \cdot 7} : P = 36715.71

Principal : 36715.71

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