Aisha is going to invest in an account paying an interest rate of 2.7% compounded quarterly. How much would Aisha need to invest, to the nearest ten dollars, for the value of the account to reach 6,800 in 16 years?

Solución

Aisha is going to invest in an account paying an interest rate of 2.7% compounded quarterly. How much would Aisha need to invest, to the nearest ten dollars, for the value of the account to reach 6, 800 in 16 years?

Solución

Principal : 4421.04

Pasos de solución

Translate the problem into an equation:

6800 = P (1 + \frac{0.027}{4})^{4 \cdot 16}

Resolver para

P, 6800 = P (1 + \frac{0.027}{4})^{4 \cdot 16} : P = 4421.04

Principal : 4421.04

Ejemplos populares

4 times what number equals 15 twice a number added to 3 is less than or equal to 12 Six more than seven times a number is forty-eight. Find the number.The difference between eight times a number and one more than seven times the number The radio of a circle is 7 m. Find its area in terms of pipi.