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Popular Word Problems >

How much money should be invested at 6% compounded quarterly for 15 years so that you have 25000 at the end of the 15 years?

Solution

Ho w m u c h m o n ey s h o u l d b e in v es t e d a t 6% co m p o u n d e d q u a r t er l y f or 15 ye a rs so t ha t yo u ha v e 25000 a t t h e e n d o f t h e 15 ye a rs ?

Solution

Principal : 10232.4

Solution steps

Translate the problem into an equation:

25000 = P (1 + \frac{0.06}{4})^{4 \cdot 15}

Solve for

P, 25000 = P (1 + \frac{0.06}{4})^{4 \cdot 15} : P = 10232.4

Principal : 10232.4

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