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How much must be deposited today into the following account in order to have 40000 in 6years for a down payment on a house? Assume no additional deposits are made.An account with annual compounding and an APR of 6%

Solution

Solution

Principal : 28198.42

Solution steps

Translate the problem into an equation:

40000 = P (1 + \frac{0.06}{1})^{1 \cdot 6}

Solve for

P, 40000 = P (1 + \frac{0.06}{1})^{1 \cdot 6} : P = 28198.42

Principal : 28198.42

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How much must be deposited today into the following account in order to have 40000 in 6years for a down payment on a​ house? Assume no additional deposits are made.An account with annual compounding and an APR of 6​%

Solution

Solution

Popular Examples

How much must be deposited today into the following account in order to have 40000 in 6years for a down payment on a house? Assume no additional deposits are made.An account with annual compounding and an APR of 6%