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Popular >

What principle will amount to 1500 if invested at 8% compounded quarterly for 18 years?The Principle was

Solution

What principle will amount to 1500 if invested at 8% compounded quarterly for 18 years?The Principle was

Solution

Principal : 360.48

Solution steps

Translate the problem into an equation:

1500 = P (1 + \frac{0.08}{4})^{4 \cdot 18}

Solve for

P, 1500 = P (1 + \frac{0.08}{4})^{4 \cdot 18} : P = 360.48

Principal : 360.48

Popular Examples

Maureen opened a savings account and deposited 600.00 as principal. The account earns 9% interest, compounded monthly. What is the balance after 5 years?twice a number is eleven Lauren's age is a quarter of Joe's age. Emma is four years older than Joe. The sum of Lauren, Emma, and Joe's age is 54. How old is Joe?number a is more than 6 One number is three less than another. Their sum is 15.