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 be deposited today in an account that earns 4.5 % compounded monthly so that it will accumulate to 12,000 in 2 years?

Solution

How much money should be deposited today in an account that earns 4.5 % compounded monthly so that it will accumulate to 12, 000 in 2 years?

Solution

Principal : 10969.02

Solution steps

Translate the problem into an equation:

12000 = P (1 + \frac{0.045}{12})^{12 \cdot 2}

Solve for

P, 12000 = P (1 + \frac{0.045}{12})^{12 \cdot 2} : P = 10969.02

Principal : 10969.02

Popular Examples

number decreased by 16 is-8:Find the number Five times the difference of a number and 5.Annabelle invested 5,900 in an account paying an interest rate of 2% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 7,440?the circumference of a circle is 43cm . what is the circle's diameter A circle has a circumference of 28.26 units.What is the diameter of the circle?Use 3.14 for pi and enter your answer as a decimal.