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Tristan is going to invest in an account paying an interest rate of 6.2% compounded monthly. How much would Tristan need to invest, to the nearest cent, for the value of the account to reach 18,100 in 12 years?

Solution

Tristan is going to invest in an account paying an interest rate of 6.2% compounded monthly. How much would Tristan need to invest, to the nearest cent, for the value of the account to reach 18, 100 in 12 years?

Solution

Principal : 8617.78

étapes des solutions

Translate the problem into an equation:

18100 = P (1 + \frac{0.062}{12})^{12 \cdot 12}

Solutionner pour

P, 18100 = P (1 + \frac{0.062}{12})^{12 \cdot 12} : P = 8617.78

Principal : 8617.78

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