Nathaniel is going to invest in an account paying an interest rate of 3.1% compounded quarterly. How much would Nathaniel need to invest, to the nearest ten dollars, for the value of the account to reach 5,700 in 17 years?

Solución

Nathaniel is going to invest in an account paying an interest rate of 3.1% compounded quarterly. How much would Nathaniel need to invest, to the nearest ten dollars, for the value of the account to reach 5, 700 in 17 years?

Solución

Principal : 3371.97

Pasos de solución

Translate the problem into an equation:

5700 = P (1 + \frac{0.031}{4})^{4 \cdot 17}

Resolver para

P, 5700 = P (1 + \frac{0.031}{4})^{4 \cdot 17} : P = 3371.97

Principal : 3371.97

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