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Beliebt Word Problems >

Tyee is going to invest in an account paying an interest rate of 4.7% compounded monthly. How much would Tyee need to invest, to the nearest dollar, for the value of the account to reach 98,000 in 8 years?

Lösung

T yee i s g o in g t o in v es t in an a cco u n t p a y in g an in t eres t r a t e o f 4.7% co m p o u n d e d m o n t h l y . Ho w m u c h w o u l d T yee n ee d t o in v es t, t o t h e n e a res t d o ll a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 98, 000 in 8 ye a rs ?

Lösung

Principal : 67336.46

Schritte zur Lösung

Translate the problem into an equation:

98000 = P (1 + \frac{0.047}{12})^{12 \cdot 8}

Löse nach

P, 98000 = P (1 + \frac{0.047}{12})^{12 \cdot 8} : P = 67336.46

Principal : 67336.46

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