Yusuf is going to invest in an account paying an interest rate of 6.5% compounded quarterly. How much would Yusuf need to invest, to the nearest ten dollars, for the value of the account to reach 1,330 in 6 years?

Solution

Y u s u f i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 6.5% co m p o u n d e d q u a r t er l y . Ho w m u c h w o u l d Y u s u f n ee d t o in v es t, t o t h e n e a res t t e n d o ll a rs, f or t h e v a l u e o f t h e a cco u n t t o re a c h 1, 330 in 6 ye a rs ?

Principal : 903.31

étapes des solutions

Translate the problem into an equation:

1330 = P (1 + \frac{0.065}{4})^{4 \cdot 6}

Solutionner pour

P, 1330 = P (1 + \frac{0.065}{4})^{4 \cdot 6} : P = 903.31

Principal : 903.31