Calculate the amount of money Gregory had to deposit in an investment fund growing at an interest rate of 2.50% compounded annually, to provide his daughter with 14,500 at the end of every year, for 3 years, throughout undergraduate studies.

Solución

Calculate the amount of money Gregory had to deposit in an investment fund growing at an interest rate of 2.50% compounded annually, to provide his daughter with 14, 500 at the end of every year, for 3 years, throughout undergraduate studies.

Solución

Interest : 1035.31

Pasos de solución

Translate the problem into an equation:

14500 = 13464.69145 \dots + I

Resolver para

I, 14500 = 13464.69145 \dots + I : I = 1035.31

Interest : 1035.31

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