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Popular Word Problems >

Find the present value, using the present value formula to achieve 1005 in 7 years at 5% interest compounded monthly. Type your answer to the nearest hundredths.

Solution

F in d t h e p rese n t v a l u e, u s in g t h e p rese n t v a l u e f or m u l a t o a c hi e v e 1005 in 7 ye a rs a t 5% in t eres t co m p o u n d e d m o n t h l y . T y p e yo u r an s w er t o t h e n e a res t h u n d re d t h s .

Solution

Interest : 296.27

Solution steps

Translate the problem into an equation:

1005 = 708.72669 \dots + I

Solve for

I, 1005 = 708.72669 \dots + I : I = 296.27

Interest : 296.27

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