en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

. How much money should I invest, to the nearest cent, at 6%/a compounded monthly to have 20,000in 4 years

Solution

. How much money should I invest, to the nearest cent, at 6%/a compounded monthly to have 20, 000in 4 years

Solution

Principal : 15741.97

Solution steps

Translate the problem into an equation:

20000 = P (1 + \frac{0.06}{12})^{12 \cdot 4}

Solve for

P, 20000 = P (1 + \frac{0.06}{12})^{12 \cdot 4} : P = 15741.97

Principal : 15741.97

Popular Examples

Find two consecutive whole numbers that lies sqrt(89) between.if 6 is added to a certain number, the result is 13. what is the number If 11,000 is invested at 8% interest compounded quarterly, find the interest earned in 10 years The product of a number and 55 less than the number is 8484. Find the number.A circle has a circumference of 16pie feet. What is the radius of the circle, in feet?