How much would you need to deposit in an account now in ordenar to have 4000 in the account in 5 years? Assume the account earns 4% interest compounded monthly.

Solución

How much would you need to deposit in an account now in order to have 4000 in the account in 5 years? Assume the account earns 4% interest compounded monthly.

Solución

Principal : 3276.01

Pasos de solución

Translate the problem into an equation:

4000 = P (1 + \frac{0.04}{12})^{12 \cdot 5}

Resolver para

P, 4000 = P (1 + \frac{0.04}{12})^{12 \cdot 5} : P = 3276.01

Principal : 3276.01

Ejemplos populares

two times a number 13 is 5 greater than half a number Hope invests 8,000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?Bryan puts 600.00 into an account to use for school expenses. The account earns 3% interest, compounded quarterly. How much will be in the account after 7 years?A fair coin is flipped four times. Use a tree diagram to find the probability of observing exactaly two heads.Enter your answer as a percentage, to the nearest percent.