Fatoumata is going to invest in an account paying an interest rate of 3.9% compounded monthly. How much would Fatoumata need to invest, to the nearest dollar, for the value of the account to reach 7,400 in 8 years?

Solution

Fatoumata is going to invest in an account paying an interest rate of 3.9% compounded monthly. How much would Fatoumata need to invest, to the nearest dollar, for the value of the account to reach 7, 400 in 8 years?

Solution

Principal : 5419.4

étapes des solutions

Translate the problem into an equation:

7400 = P (1 + \frac{0.039}{12})^{12 \cdot 8}

Solutionner pour

P, 7400 = P (1 + \frac{0.039}{12})^{12 \cdot 8} : P = 5419.4

Principal : 5419.4

Exemples populaires

you are charged with 6% sales tax.You purchase a new bicycle and pay \$27 in sales tax.What is the purchase price of the bicycle?a boy is 10 years older than his brother. In four years he will be twice as old as his brother. Find the present age of each The sum of two consecutive even integers is 278 The square of a number minus the number cubed the différence of the squares of a pair of consecutive whale numbers is 113. what are the two numbers.