Eva is going to invest in an account paying an interest rate of 6.5% compounded annually. How much would Eva need to invest, to the nearest cent, for the value of the account to reach 41,000 in 13 years?

Solución

Eva is going to invest in an account paying an interest rate of 6.5% compounded annually. How much would Eva need to invest, to the nearest cent, for the value of the account to reach 41, 000 in 13 years?

Solución

Principal : 18081.69

Pasos de solución

Translate the problem into an equation:

41000 = P (1 + \frac{0.065}{1})^{1 \cdot 13}

Resolver para

P, 41000 = P (1 + \frac{0.065}{1})^{1 \cdot 13} : P = 18081.69

Principal : 18081.69

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