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شائع Word Problems >

How much would you need to deposit in an account now in order to have 5000 in the account in 15 years? Assume the account earns 2% interest compounded monthly. Round to the nearest cent.

الحلّ

Ho w m u c h w o u l d yo u n ee d t o d e p os i t in an a cco u n t n o w in or d er t o ha v e 5000 in t h e a cco u n t in 15 ye a rs ? A ss u m e t h e a cco u n t e a r n s 2% in t eres t co m p o u n d e d m o n t h l y . R o u n d t o t h e n e a res t ce n t .

الحلّ

Principal : 3705.02

خطوات الحلّ

Translate the problem into an equation:

5000 = P (1 + \frac{0.02}{12})^{12 \cdot 15}

5000 = P (1 + \frac{0.02}{12})^{12 \cdot 15}, P

حلّ لـ:

P = 3705.02

Principal : 3705.02

أمثلة شائعة

17 take away a number 20 more than half a number equals 42.The sum of Sally and Beth's age is 60. Six years ago, Sally was 3 times as old as Beth. What are their present ages?The sum of two consecutive integers is 121. What are the integers?4 years ago, Matt won some money in the lottery and put it in a bank account that earns 1% interest compounded annually. If Matt currently has 400.00 in the bank account, how much interest has he earned?