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Popolare Word Problems >

how much money should be deposited today in an account that earns 8% compounded annually so that it will accumulate to 11,000 in three years

Soluzione

h o w m u c h m o n ey s h o u l d b e d e p os i t e d t o d a y in an a cco u n t t ha t e a r n s 8% co m p o u n d e d ann u a ll y so t ha t i t w i ll a cc u m u l a t e t o 11, 000 in t h ree ye a rs

Soluzione

Principal : 8732.15

Fasi della soluzione

Translate the problem into an equation:

11000 = P (1 + \frac{0.08}{1})^{1 \cdot 3}

Risolvi per

P, 11000 = P (1 + \frac{0.08}{1})^{1 \cdot 3} : P = 8732.15

Principal : 8732.15

Esempi popolari

certain number divided by 7 less 2 is 37 Ren took a personal loan for 10,000 to pay for a family vacation. It has a fixed simple interest rate of 12.85% and he has 3 years to pay it back. How much interest will he have to pay? (I=PRT)Six times the differenza of a number and seven, is thirteen In ordine to pay for college, the parents of a child invest 10,000 in a bond that pays 6% interest compounded semiannually. How much money will there be in 17 years? Round your answer to the nearest cent.Kylie invested 290 in an account paying an interest rate of 2.5% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 390?