Samantha is going to invest in an account paying an interest rate of 6.4% compounded monthly. How much would Samantha need to invest, to the nearest dollar, for the value of the account to reach 2,130 in 12 years?

Solución

Samantha is going to invest in an account paying an interest rate of 6.4% compounded monthly. How much would Samantha need to invest, to the nearest dollar, for the value of the account to reach 2, 130 in 12 years?

Solución

Principal : 990.21

Pasos de solución

Translate the problem into an equation:

2130 = P (1 + \frac{0.064}{12})^{12 \cdot 12}

Resolver para

P, 2130 = P (1 + \frac{0.064}{12})^{12 \cdot 12} : P = 990.21

Principal : 990.21

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