Mackenzie is going to invest in an account paying an interest rate of 6.5% compounded monthly. How much would Mackenzie need to invest, to the nearest ten dollars, for the value of the account to reach 194,000 in 11 years?

Solución

Mackenzie is going to invest in an account paying an interest rate of 6.5% compounded monthly. How much would Mackenzie need to invest, to the nearest ten dollars, for the value of the account to reach 194, 000 in 11 years?

Solución

Principal : 95086.56

Pasos de solución

Translate the problem into an equation:

194000 = P (1 + \frac{0.065}{12})^{12 \cdot 11}

Resolver para

P, 194000 = P (1 + \frac{0.065}{12})^{12 \cdot 11} : P = 95086.56

Principal : 95086.56

Ejemplos populares

The product of 3 and one more than a number x is at least 2.The circunferencia of a circular garden is 141 feet. What is the diameter of the garden? Round your answer to the nearest hundredth. 44.88 feet A 5000 investment pays 3% interest compounded monthly. To the nearest cent, what will be the value of the investment after 10 years?Upper A 7000 deposit in an account with an APR of 5%. What is in the account after 5 year?The sum of 5 consecutive odd numbers is 145.