Dalvin is going to invest in an account paying an interest rate of 3.1% compounded annually. How much would Dalvin need to invest, to the nearest dollar, for the value of the account to reach 1,620 in 20 years?

Solución

Dalvin is going to invest in an account paying an interest rate of 3.1% compounded annually. How much would Dalvin need to invest, to the nearest dollar, for the value of the account to reach 1, 620 in 20 years?

Solución

Principal : 879.71

Pasos de solución

Translate the problem into an equation:

1620 = P (1 + \frac{0.031}{1})^{1 \cdot 20}

Resolver para

P, 1620 = P (1 + \frac{0.031}{1})^{1 \cdot 20} : P = 879.71

Principal : 879.71

Ejemplos populares

1 minus the product of 4 and a number Ten times the sum of a number and 24 is at most 18.Bob deposited \$4000 into an account with 2.4% interest, compounded semiannually. Assuming that no withdrawals are made, how much will he have in the account after 7 years?The sum of two numbers is 12. The sum of their squares is 74. Find the numbers.3. One number is two less than three times another number. Three times the larger number is four more than eight times the smaller number. What are the numbers?