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Populaire Word Problems >

How long would you need to invest 4500 at 4.75% interest compounded monthly to have 5980 at maturity?

Solution

Ho w l o n g w o u l d yo u n ee d t o in v es t 4500 a t 4.75% in t eres t co m p o u n d e d m o n t h l y t o ha v e 5980 a t ma t u r i t y ?

Solution

Time : 6

étapes des solutions

Translate the problem into an equation:

5980 = 4500 (1 + \frac{0.0475}{12})^{12 t}

Solutionner pour

t, 5980 = 4500 (1 + \frac{0.0475}{12})^{12 t} : t = 6

Time : 6

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